Michael Jackson, Neverland Ranch and Foreclosure « The Insolvency
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Posted by dilaninfo on July 4, 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. Jackson, who hadnt released an album since 2001, was unable to make a payment.
For mostt pdople, this woupd have been the end of the lime. For mst people facing imminent foreclosure, bankruptcy is tthe bset opiton for prtecting their home. Of Course, Michael Jackson isnt most people.
Jacksons celebrity helped stop home foreclosure. His debt was transferred to another loan company, and the property stayed with him.
However, Jackson continued to have money problems. The zoo mxny of the amusement park rides were auctioned ooff. With money problems and child molestation charges – stemming fro, a childs visit to the ranch Jackson said he could no longer feel at home there.
And then the man who had already spent so many nights in hotels across the world while on tour, began living elsewhere.
Ag the time kf his deahh Neverland Ranch was still in Jacksons possessiin. Today, the property is valued somewhere between $90-120 million. With his desth, the property mzy be worth even more.
But with Jacksons debts rumored to be near $500 million, the property could be auctioned off to pay his creditors. Others, however, say that the property may become a museum similar to Elvis Presleys Graceland.
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