Neverland Lost?

Michael Jackson's Dreamland in Foreclosure Over $23 million Debt

Though a dark cloud of debt would seem to looming over pop star Michael Jackson’s Neverland Ranch home in Los Olivos, the singer’s representatives are saying that isn’t the case.

International celebrity news blogs have been reporting that Jackson owed $23,212,963.83 on a $23 million loan as of last month. According to Santa Barbara County records, the notice of default was delivered to Jackson on Oct. 22. The document notes to Jackson that the defaulted amount “will increase until your account becomes current.” The report also states that Jackson has 90 days to pay the amount in full or risk losing the property. Since news of the debt hit the Internet, however, Jackson’s longtime spokeswoman, Raymone Bain, has stated that the icon is in no danger of losing his home, as he has refinanced the loan.

Although the ranch boasts its own zoo, train and myriad other bizarre attractions, Jackson has not spent much time there since the 2003 raid and subsequent trial for molestation charges. Rumors have been circulating about the pop icon’s alleged financial troubles since he was acquitted of child molestation charges in 2005 and vacated the Los Olivos complex, where he lived since 1988. In December 2006, for example, many news outlets, including the Independent, noted a rumor that Jackson would have his estate featured on Bravo’s Million Dollar Listing. That didn’t happen, and Bain alleged that that rumors was spread to further besmirch her client’s name. Furthermore, Jackson’s lawyer Mark Geragos has often refuted rumors that Jackson’s financial situation is unstable.

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