Michael Jackson is at risk of losing his Neverland Ranch after defaulting on a $23 Million loan.
According to TMZ:
The Implode-O-meter has obtained the foreclosure and Notice of Default report for Santa Barbara County — and Neverland is listed. According to that report, Jackson is, as of October 12, delinquent $23,212,963 on a $23,000,000 loan.
Notice of Defaults in the state of California typically go out when a homeowner misses their third payment. After 30 days, the homeowner is issued a foreclosure notice. According to this document, it appears that the King of Pop is $212,963 delinquent on the loan’s principal of $23 mil.