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Michael Jackson faces auction of the Neverland ranch

The Neverland ranch will go to auction if Michael Jackson fails to pay on his loan.

Michael Jackson faces auction of the Neverland ranch The most famous pop star in the world counts for nothing if you don't have money. Michael Jackson is now facing the real possibility of losing the famous Neverland ranch, after failing to pay on his loans. Documents show that Neverland Ranch in Los Olivos, California, is scheduled for a public auction on March 19 at Santa Barbara's downtown courthouse. And if Jackson wants to avoid losing the Neverland ranch, he must come with $24,525,906.61 by March 19th to satisfy the trustee.

 According to reports in the media, citing anonymous person close to Michael Jackson, the pop legend is currently working out a loan, which would prevent the auction of the Neverland ranch. This rumors is not yet officially confirmed.

 And as it always goes, the bookmakers are already posting odds on the Jackson-Neverland story. The online sportsbook BodogLife is favoring that the auction of the Neverland ranch will happen on March 19th, backing it up with odds of -400. If Michael Jackson takes care of this issue and the property avoids auctioning, the bookie will pay out on +250. Another bet is how much money would the Neverland ranch bring, if it gets auctioned - under $28.5 million is the favorite number with odds -240 and over that amount would pay out on +165 line.

 Published on 02/27/2008

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