Michael Jackson seeks to keep Neverland RanchStory Highlights
A public auction has been set for March 19, according to court documents
http://edition.cnn.com/20...reclosure/

Jackson owes $24.5 million on the property

Jackson insider: "The financing is all being worked out"

The singer has not lived at Neverland Ranch since June 2005

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(CNN) -- Pop star Michael Jackson will avoid foreclosure on his Neverland Ranch property with a new loan, a Jackson insider told CNN Wednesday.


Michael Jackson owes millions of dollars on his sprawling property in the Santa Ynez Valley in California.

Documents show that Neverland Ranch in Los Olivos, California, is scheduled for a public auction on March 19 at Santa Barbara's downtown courthouse.

But the Jackson source said that won't happen.

"Michael Jackson's ranch is not going to be auctioned off at the courthouse," the Jackson insider said. "The financing is all being worked out."

"There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans," the source said.

The Santa Barbara County Recorder's Web site lists a "notice of trustees sale" by Jackson and his property lenders, Financial Title Company, filed Monday.

In California, title companies typically represent lenders in foreclosure cases.

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A notice of trustees sale cannot be posted earlier than 90 days after a notice of default is filed. That notice is not filed unless a loan is in substantial default, sometimes six months or more past due.

A real estate source inside Santa Barbara County said the trustees filing is only the first step in a long process that could drag on for months.

The real estate source said other options are available to Jackson, including selling the ranch directly to another party or making a payment on his $24.5 million Neverland debt that would satisfy the trustee.

The recorder's Web site also reveals there was a release of lien on Jackson on February 4, showing he paid off all or part of delinquent taxes to the state of California.

"It seems unlikely that someone would pay off back taxes, only to let the ranch go up for auction a few weeks later," said the real estate source.

Jackson has not lived at Neverland since June 2005, after a Santa Barbara County jury found him not guilty of child molestation charges.

I live about 10 minutes away from the Santa Barbara Courthouse, I plan to be there March 19, I'll let you guys know.

This whole thing is really confusing to me- it's a very real situation, he paid taxes and now he's 3 weeks from Neverland being auctioned. I don't care if he lets it go or whatever, but this kind of media attention could have been avoided if he sold it himself or simply re-financed.

I'm not happy with Raymone for outright lying to fans at all.

HAVE YOU SEEN MY.....CHILD 'HOOD?????

meh i have seen this before it being said it will be auctioned and then he either gets another extension or it fizzles out to nothing

to be honest i dunno why he doesnt just sell it he hasnt been back there and its just decaying he should take what he wants from the site put it up for auction/sale and move on its sad for him but i think its sadder that the place is going to ruin

DOES THIS MEAN THEY FORECLOSED ON BUBBLES TOO?????

[Edited 2/28/08 4:44am]

woogiebear said:

Bubbles lives in a zoo. He started getting to dangerous for Michael to keep as a pet so he was sent to a zoo.

marnifrances said:

i dont think he can sell it him selve, because they are going to take his house if he doenst pay . im no expert but thats what i think

dag said:

No,this is exactly the problem with Michael: he thinks he can just sit around and generate income from a 25-year old album.He needs to get out there and WORK! He should be out there on the road!! Stevie Wonder is on the road right now.Most artists realize that touring is where the real money is.You can't just sit around and wait for a royalty check! Michael needs to stop being so lazy.

SoulAlive said:

Michael's problem is that he wants to rely on overly hyped big productions and all. It's good after a while because you can get away with it but after a while, it starts wearing thin. He doesn't have to keep Neverland on a loan, he can do it with a tour or two and earn millions more money to add to his bank account. Ain't no doubt he's millions of dollars in debt but he sure as hell isn't penniless.

motownlover said:

he could sell it himself but he would have to pay back the loans from the amount he sold it for

True !

whatsgoingon said:

b3xy said:

True, but he could have avoided the media mess if he sold it before it got to this stage.

I also feel he could get a lot more than $25 mill- he paid $17 mil back in 1988, and the asking price was originally over $30 mil. If it was worth that much back then, I am sure it's worth more than that now.

marnifrances said:

Actually I read (or heard) somewhere that the ranch was worth less than you would believe because those amusement rides are a liability. The new buyer either has to WANT them (unlikely) or will need to pay to have them removed.

Update: Michael Jackson’s House Debt Revealed to Public
Link

Feb 29, 2008

According to public documents, pop superstar Michael Jackson has repeatedly failed to pay the mortgage of a Los Angeles house used by his family.

The news comes after it was revealed that he could lose his Neverland ranch in an auction because he owes $25 million

Documents filed with the Los Angeles country recorder relate to a property in Encino, California, that has been used by the singer's family for years.

They show the singer has missed payments of $153,910.

The missed payments relate to a $4 million loan from mortgage lender Indymac Bancorp, based in Pasadena, California.

Documents show Jackson previously faced possible default over missed payments on the property due in April and August of last year.

According to reports, the 49-year-old is seeking a new loan that would save Neverland from being sold at auction next month.

As reviously reported, If he does not pay the $25 million in debt that he owes on the massive California property, it will go to auction on 19 March.

marnifrances said:

well its predicted that it would sell for more than $25 million

Copycat said:

If they're talking about Hayvenhurst, then that's old news because it was paid off sometime ago as I recall

And shouldn't Jermaine help pay the bills? He and his kids and other family members lived there in the late 80s and 90s and didn't pay anything

PurpleJedi said:

Why are the amusement rides a liabilty?? Throw them out, if you don't like them! It's not like the amusement rides cover and destroy all the grounds... those rides actually are a tiny fraction of the whole property, nothing like everyone wants to make you believe! I read an interesting article about Neverland, there it said that the land alone is worth around 26 mio at the minimum and that the whole thing could go up to 90 mio dollars!

Here are some excerpts:

With home values depreciating under the strain of the downturn, many wonder whether Neverland Ranch will be able to retain its value. Could this epic property sell for pennies on the dollar in a foreclosure auction?

"No, quite the opposite, there's too much value with a property like this," said Harry Kolb of Sotheby's International Realty in Santa Barbara. "The lesser price houses in foreclosure don't have the value, the property size, the location and the uniqueness of the architecture of Neverland Ranch. This property is going to have significant value."
....

William Etling, a California-based real estate agent and author of "Sideways in Neverland: Life in the Santa Ynez Valley," says that Neverland has long been one of the most beautiful ranches of Santa Barbara County, where, he says, home values remain strong. Etling estimates that a two-bedroom home on an acre of land near Neverland could easily sell for a million dollars.

Previous Offers Were Made

"Anyone would be proud to own Neverland Ranch. It's a gorgeous piece of property," said Etling.
"There have been several offers to buy it from him in years past, but my understanding is that Jackson was choosing not to sell at that time," said Kolb. No details about those offers were available.
...


So what would that selling price be? It's difficult to gauge. The only people who have seen it up close recently are a small group of caretakers.
"As far as I know, no real estate agents or appraisers have seen that property in quite some time," said Suzanne Perkins of Sotheby's International Realty in Santa Barbara. "If it's pristine, well maintained and in excellent condition, it could go for upwards of $30 million. If it's in disrepair and the ranch has been neglected it could be lower."

"A single, bare-acre lot in Santa Ynez Valley goes for $600,000. Even if you estimate an extremely discounted cost of $10,000 an acre, Neverland would still sell for about $26 million, and that's not including the home, structures and improvements, which the county estimates to be worth $10 million," said Etling. "So if you calculate the land is worth over $30,000 an acre, who knows? The total price could be as high as $90 million."

http://abcnews.go.com/Ent...119&page=1

from MJSN

Neverland is not going to be auctioned off


A Jackson source stated that Michael Jackson's Neverland Ranch will not be auctioned.

"Michael Jackson's ranch is not going to be auctioned off at the courthouse," the Jackson insider said. "The financing is all being worked out."
"There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans," the source said.

The real estate source stated there are other options for Jackson to choose from including selling the ranch directly to another party or making a payment on his $24.5 million Neverland debt that would satisfy the trustee.

Source:CNN/MJJCommunity News

PatrickS77 said:

Yeah...just pick 'em up and put them on the curb for Wednesday morning trash pick up!

PurpleJedi said:

Well, obviously you'll need a company to throw out the Zipper, the ferriswheel, the ship and the sea dragon.... but compared to the worth of the property, that's peanuts and definitely nothing to diminish it's worth! I mean, you can even sell the rides and then you wouldn't even have to pay anything to get rid of them!

PatrickS77 said:

I guess I qualify as one of those unusual adults that wished they had the space and money to buy those rides. I can totally see how it would have been fun to have your own amusement park in your front yard.

PDogz said:

It's actually more in the backyard... about 700 metres away from the house! When you actually visit Neverland and see where it's all located it makes totally sense!
[Edited 2/29/08 21:21pm]

Copycat said:

Whoa, back the dirty old man train up for just a second.

49?

These bitches and their stage ages.

PatrickS77 said:

I rest my case. Thank you

PDogz said:

I can see somebody sayin' "Fuck goin to Six Flags! I got my shit right here, bitches!"

It would be me saying it too

Copycat said:

Damn,Michael,take your ass on tour so you can pay your bills!! This shit is embarasing! What is wrong with him?!

bboy87 said:

Oh please Jermaine doesn't have any money!! When was the last time he had a hit record?? The mid-80s??

bboy87 said:

LMAO! And yes, I would want all that shit on my own property if I could afford it.