Michael Jackson forced to grow up, Neverland Ranch in foreclosure
Ross von Metzke | February 28, 2008
SANTA BARBARA — Named for the Peter Pan persona the �king of pop� once sought to emulate, Michael Jackson is being forced to make some very grown up decisions – cough up the more than $24 million he still owes on Neverland Ranch or lose it at public auction.
Everything will go – the property, furniture, amusement park style rides. And while Jackson hasn�t lived on the property since fleeing the country following his now infamous child molestation trial – he was found innocent – he still owns the property.
The San Francisco based Financial Title Company has filed a notice of trustees sale and set the auction date for March 19. According to the Associated Press, the asking price could be higher than the $24.5 million Jackson owes.
Jackson has yet to make a statement.
Previously, several news outlets reported that Janet Jackson had stepped in with a partial payment of back taxes to buy Michael Jackson more time. Several financial publications are reporting that Michael Jackson�s personal worth currently sits at less than the money he owes on Neverland Ranch.
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