may lose Neverland Ranch
Michael Jackson has defaulted
on a loan, could cost him the Neverland Ranch.
Jackson has defaulted on a $23 million loan with a Delaware
corporation and if the pop star doesn't pay the full amount plus
interest within 90 days, he will lose the Neverland Ranch. The
loan in question was made by Fortress Music Trust and last week
rumors surfaced that the holder was desperately trying to sell
off the loan to another company. Now the rumors are that Michael
Jackson will file a bankruptcy within those 90 days to prevent
future financial claims. The $23 million loan was secured
against the famous Neverland Ranch, which is valued at about $30
million, but if Jacko fails to settle the loan, we may see how
much it's really worth, once it goes on the market.
Michael Jackson has another loan of $300
million, which he had secured with his 50% stake in Sony/ATV
Music Publishing. Jackson has also settled a few lawsuits, which
still await payments and is currently being sued for $7 million
by Prince Abdullah of Bahrain. After all, bankruptcy may not be
such a bad idea for the po'-boy Jackson.