More reports are trickling out about Michael Jackson's flagging and sagging finances. According to a thorough and thoroughly compelling report on Fox News, the once black man, who looks an awful lot like a white lady now days, has defaulted on a $23,000,000 loan that was guaranteed by "Neverland Ranch," his 2,700 acre Santa Ynez Valley playpen for the kiddies. Uh oh.
If the former King of Pop does not cough up the cash to repay the loan, and the near quarter million dollars in interest too, the creditor can and will foreclose on "Neverland Ranch" and force the sale of the property to pay the debt. Oh dear. Most people have read that Miss Thing has financial issues, but it appears things have become dire and the article reports that the child lover may in fact file for bankruptcy within 90 days to get out from under his considerable financial debt and burden.
Many times since Miss Jackson's last legal tangle over an alleged inappropriate relationship with a young boy, the ranch has been rumored to have been sold or just about sold. In April of this year The NY Post reported that "distressed debt guru Bill Huff is in serious negotiations to buy the property." But the sale never happened. Other rumors included tall tales bout the massive ranch being sold on a reality television program. That obviously never came to fruition either.
Since being acquited of child molestation charges, Miss Jackson has been gallivanting across the globe living in in far flung locales such as Bahrain, where he was a guest of a filthy rich royal/patron, and also in Ireland, where he was rumored to have been a guest of Lord of the Dance Michael Flatly. More recently the beleaguered former superstar and father of three very blond babies was living in Las Vegas, where he first shacked up in a leased 16,461 square foot pile a couple miles off The Strip. It was later reported that the Jackson clan moved to another even larger and more lavish Las Vegas estate reportedly owned by Prince Jefri Bolkiah of Brunei.
Jackson's relationships with his Middle Eastern potentate patrons seems to have gone awry. His prince (Abdullah of Brunei) is now suing the pop star for $7,000,000, and the Jackson four plus handlers have decamped from Prince Jefri's Las Vegas estate and are reported to be holed up in a luxury rental in Maryland. Maryland?
Everyone knows that Miss Jackson continues to own the heavily mortgaged Jackson family house on Hayvenhurst in Encino where his parents currently reside, no doubt living on the dwindling dollars of their one time cash cow son. (It's actually been gossiped to Your Mama that big mean daddy Jackson does not actually live at the Jackson family house anymore.) It's also been widely rumored and reported over the years that the the pale faced singer also owns an Upper East Side townhouse in Manhattan as well as a Beverly Hills mansion. Your Mama doubts that very much though. The man can barely pay for the make-up on his face let alone the maintenance on properties he does not use.
But then again he hangs on to the scene of the alleged crime in Santa Ynez, so what do we know?
Should "Neverland Ranch" be sold, either voluntarily or as part of a foreclosure proceeding, Your Mama has no doubt the entire mess will be torn down. What mega rich mogul wants Michael Jackson's broke down and leftover Ferris wheel and tarnished Tilt-a-whirl, not to mention the hordes of crazed and deluded fans that camp out on Figueroa Mountain Road?