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Michael Jackson is known for a lot of things. And now he’s known for another: Foreclosure.

Neverland Ranch, the home and amusement park of the self-styled “King of Pop” is apparently too much for Michael Jackson to afford. Settlements to kids, legal fees and whatever else it is Michael Jackson spends his money on, have finally done him in. And owning the rights to the Beatles catalogue doesn’t seem to be helping him much. At first, some thought Neverland was worth $12 million, but it is only worth about $6 million, according to the Santa Barbara County assessor.

Title documents (public information notice of default) claim that Michael Jackson is delinquent on a little more than $200,000 worth of mortgage payments. It’s a $23 million loan. So foreclosure proceedings have begun.

Of course, this doesn’t mean that Michael Jackson will lose Neverland Ranch for sure. Foreclosure can take time to complete. 90 days, actually. And he’ll have that time to pay off the loan. Rolling Stone reports:

The ranch was used as collateral for Fortress Music Trust when they loaned the beleaguered pop star $20 million, and after failing to sell another company Jackson’s debt, Fortress is eager to recoup their losses.

However, Neverland Ranch may not be the only Michael Jackson property at stake. The negative amortization on Neverland is also present in the family home he owns in Encino, reports Fox News:

But the ranch is not Jackson’s only piece of highly leveraged property. According to records, the Jackson family home in Encino — which Michael owns — carries a $4 million mortgage. That house, known as Hayvenhurst, has an assessed value of $2.66 million and an improvement value of $2.3 million.

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