The Implode-O-meter has obtained the foreclosure and Notice of Default report for Santa Barbara County -- and Neverland is listed. According to that report, Jackson is, as of October 12, delinquent $23,212,963 on a $23,000,000 loan.
Notice of Defaults in the state of California typically go out when a homeowner misses their third payment. After another 30 days, the homeowner is issued a foreclosure notice. According to this document, it appears that the King of Pop is $212,963 delinquent on the loan's principal of $23 mil.
A rep for Jackson did not immediately return our call for comment.