Neverland in Foreclosure?

11/6/2007 10:19 PM PST

Neverland in Foreclosure?

Rumors have been rampant for months that Michael Jackson's Neverland estate was about to be foreclosed upon, but now comes the first concrete evidence that Jacko's home is about to go back to the bank. Who's bad?

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.