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Jacko

Backo Against Wall

in Neverland Default!

11/12/2007 8:22 PM PST BY TMZ STAFF

When news broke last week that Michael Jackson's Neverland Ranch was in foreclosure, his rep was quick to slam the reports, proclaiming that Jacko "was never in default of the loan." Off the wall?
Neverland
It appears so, as The Mortgage Lender Implode-o-Meter (yep, that's the full name) has obtained a "Notice of Default and Election to Sell" that makes it clear that the property is in foreclosure, because the loan and interest in the amount of $23,212,963.83 is way, way overdue. The notice specifically states that "a breach of, and default in, the obligations for which the Trust Deed is security -- has occurred" -- because payment hasn't been made.

A silver lining for the King of Pop? The document says that he can still offer the property for sale, as long as the deal gets sealed before the foreclosure is wrapped up. Jackson's rep says that her earlier statement stands.

64 COMMENTS

No Avatar
1.

Puleez    

Rumor in the Santa Ynez area (where the place is located - behind Fess Parker's winery of all places!) has been quitely on the market for some time.......

2381 days ago
2.

ems_wench    

Normal people would already be in court if they owed that much money

2447 days ago
3.

FABIO    

I'm surprised that this place hasn't burned down by now.

2447 days ago
4.

me    

Weird. He's owned it for so long, you'd think he would have paid it off by now with all the money he made!

Why do these people blow every single dollar they make and save nothing. Like Britney.

2447 days ago
5.

Barack    

I've been hearing this for 15 years. For somebody who has no money, he sure gets around.

Let me know when he REALLY loses Neverland. These stories have been running forever. It's not true.

2447 days ago
6.

jeri    

I see a pattern - for years now, if his reps deny something, it is always proven true, eventually............

2447 days ago
7.

Fly on The Wall    

Now that TMZ has it all over the news - it will be torn down for scrap by thieves.



And Wacko dont care.


Thanks for the comments.

Have a nice day.


2447 days ago
8.

MeMe300    

ems_
normal people would never owe that type of money. Financial laws are in place to protect the rich and keep them rich. The average Joe's place would have been padlocked, 2 weeks before it was suppose to be.

2447 days ago
9.

L.A. Douchenozzle, Esq.    

The land is cursed, first because it was an indian burial ground, next because Jacko Wacko molested lots of little boys there.
It should be sowed with salt.

2447 days ago
10.

9    



Wacko though is the perfect radical liberal low class Democrat - so like STD Orenthal & fat midget Robert Blake - look for him to sneak his lazy backside out of this too.


2447 days ago
11.

Onoze    

Meh, I've been reading stories that Neverland has been sold or put up for sale since the 90's, and that Michael Jackson has been broke since the late 80's. Who knows...

2447 days ago
12.

rosiethunder    

i hope brangelina buys it!

2447 days ago
13.

LeeAnn    

When Jackson was in financial problems way back after being accused of molesting a minor, he needed money and therefore mortgaged his property. WELL, his career went down the crapper after that and all the money he "thought" he would make never came about. This should answer the questions of why you thought it was paid for or why did he not pay etc etc.
Jackson has made several bad investments whether by his own doing or under advisement.
However, maybe I am a realist, but I can't see anyone advising him to have and maintain a private amusement park and zoo. Just the cost alone to maintain and care for all of that is astronomical.
Unless someone like BIll Gates or a Middle Eastern Prince buys it for their children, I can't see him selling it before foreclosure takes place.
Don't know about you, but I would rather choose a house a bit less ostentatious and be left money in the bank to live more comfortably and hopefully debt free. But then again it all comes down to "keeping up with the Joneses".

2447 days ago
14.

oxyclean    

That dumb gal Bain or something who is his spokesperson doesn't know ****

2447 days ago
15.

Spurs    

Saying that it was not in foreclosure is like saying that wacko jacko has never touched any little boys privates, and we know he has.

2447 days ago
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