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Michael Jackson Owes $24 Million, In Danger Of Losing Neverland Ranch
Contributed by: Anthony Roberts
Source: sohh.com
Posted on: February 27, 2008 08:46 MST
Filed under: R&B, Pop

Michael Jackson

Financial troubles have once again hit home for Michael Jackson, as the legendary singer is facing foreclosure on his famed Neverland Ranch.

According to TMZ, the king of pop recently received notice from Financial Title Company of the impending foreclosure of the multi-million dollar mega mansion. The singer reportedly owes $24,525,906.61 on the property and is requesting that Jackson pay the amount in full by the March 19 deadline.

If he refuses or cannot come up with the money, the property will be auctioned off at an unknown date at the Santa Barbara County Courthouse.

In addition to the house and land, the singer also stands to lose any and all of his possessions that are still on the property, including any and all furniture, appliances, artwork and outside fixtures like the entertainer's merry-go-round.

Though the pop icon may seemingly be in a financial rut, he is still proving that after decades in the game he can still sell records. The crooner's extremely popular Thriller album was recently re-released with six new songs, selling 166,000 copies in its first week on shelves. Despite the record's impressive showing, which would have placed it at No. 2 on the Billboard 200, it still did not chart due to its classification as a catalogue release. 

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