Sunday, October 28, 2007

"Michael Jackson To 'Lose Neverland' If Loan Isn't Repaid"

source - world entertainment news network

Pop superstar Michael Jackson has 90 days to pay back a $23 million loan plus interest or he faces losing property including his Neverland Ranch in California, according to legal papers.

The Thriller singer has been put on notice after reportedly defaulting on the $23 million loan with Fortress Music Trust, which he was to have reimbursed by October 12th.

Legal papers were filed under the title of 'Notice Of Default And Election to Sell' in Santa Barbara County on October 22nd, according to's Roger Friedman.

Jackson is currently renting in Washington, D.C. while his Neverland home, worth $17 million, remains empty.

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