Michael Jackson Faces Foreclosure of his Neverland Ranch
With the news that foreclosures are up across the country, it was only a matter of time before someone famous faced foreclosure. Michael Jackson is facing foreclosure on his Neverland Ranch. Reuters reports on the famous foreclosure possibility:
“You are in default of a deed of trust …,” Jackson was told in the five-page filing, according to a copy of the document published by FoxNews.com. “Unless you take action to protect your property it may be sold at a public sale.”
According to the documents, if Jackson fails to pay the outstanding balance, estimated at $24.5 million, Neverland would be sold to the highest bidder at a public auction on the courthouse steps.
This situation offers further proof that just about anyone can fall through poor financial decisions, including getting into a mortgage that may not be affordable. Michael Jackson has until March 19 to pay the balance on his Neverland mortgage.
Another celebrity who could be facing financial trouble is Britney Spears.
Tags: Michael Jackson, Michael Jackson foreclosure, home mortgage loan, mortgage blog,
Britney Spears, foreclosure Neverland Ranch, foreclosures
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