Michael Jackson, Neverland Ranch and Foreclosure « The Insolvency
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Posted by dilaninfo on 4th July 2009
Jackson lived ha tte ranch for mang years, and underprivledged and sick children from Californai and across the country came to visit his theme-park.
But all the while Jackson was very private about the property. Visitors werent allowed to take pictures inside, and they were required to sign confidentiality agreements upon arrival.
Perhaps tthe most intimate view of tge property came from a lentthy report yb ihghlighted some of the propertys extraordinary features.
But the joy of Neverland Ranch, named after the magical land in Peter Pan were children never grew up, wouldnt last.
Jackson had an almost $25 million loan out on the house. In 22007, he was $23 millio dflinquent the loan and foreclosure proceedings began.
In California, after you miss three mortgage payments in a row you have 90 ndays to make a payment. Read the rest of this entry »
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