King Of Pop Facing Foreclosure Of His Dream Property

Posted on March 14th, 2008 by Samanta Parks

It is only a matter of time that the foreclosure buzz will expand from the doors of ordinary citizens, invading the minds and document files of the celebrities. In fact, the invasion has already started. As according to the reports of Fox News on its website, the ‘King of Pop’ Michael Jackson has been hit by an astounding $24.5 million default, which if he fails to pay, might bring his Neverland Valley Ranch to a public auction.

The legal proceedings have been filed at the office of Santa Barbara County. Michael Jackson has been officially notified about the apparent foreclosure, and is given a deadline as early as 19th of March. In the five-page letter sent to Jackson, he has been told that ‘unless he takes action to protect [his] property. It may be sold at a public sale.’ A copy of the official script has been made available at FoxNews.com in a report by Roger Friedman, the website’s celebrity writer. As the documents says, the Neverland Valley Ranch will be sold to anyone who bids the highest on 19th of March, unless the King of Pop pays the outstanding dues amounting to nearly $25 million.

When checked on the website of the county recorder, it was found that the official notification regarding the sale of Neveland Valley Ranch was dispatched on Monday. However, the account lacked any further legal detail about the incident. The spokesperson at the office declined to comment when approached, leaving the whole picture in murky water. Even Raymone, the spokesman for Michael Jackson did not respond to any queries in regards to the ensued foreclosure notice.

Michael Jackson proclaimed himself the ‘King of Pop’ in the 1980s has been since then going through a decline on the popularity graph. Once known worldwide for his greatest hits and all time popular album charts like the ‘Thriller’, Jackson has been recently going through a quagmire of scandals linking him to child molestation.

Neverland was a namesake referring to the magical world of Peter Pan, where children never grew old. The Ranch was furnished completed with lavish furniture, amusement parks, rides, zoo and aviary. With the foreclosure in sight, everything seems ephemeral, while Michael Jackson seems really to be growing up.

Michael has been in possession of the grand 1000-hectare ranch above the coast of California since 1988, and has turned it into the magical island similar to that from the Peter Pan stories of J.M Barrie it actually refers too. Not just that the Ranch has its own private zoo and an amusement park, it is dotted with unusual statues of the Peter Pan stars.

However, since his acquittal in 2005 on the child molestation charges, Michael has been found spending little time in the Ranch. The zoo was subsequently closed down after a row with the local county over lack of employees due and maintenance charges. The Ranch is breathing its last gasps of air, with the ownership in risk of permanently being switched over from Michael Jackson.