Post by valerie davenport on Oct 28, 2007 13:04:08 GMT -5
Jackson to 'lose Neverland' if loan isn't repaid
Pop superstar Michael Jackson has 90 days to pay back a GBP11.5 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 GBP11 million loan with Fortress Music Trust, which he was to have reimbursed by 12 October.
Legal papers were filed under the title of 'Notice Of Default And Election to Sell' in Santa Barbara County on 22 October, according to FoxNew.com's Roger Friedman.
Jackson is currently renting in Washington, D.C. while his Neverland home, worth GBP8.5 million, remains empty.
Pop superstar Michael Jackson has 90 days to pay back a GBP11.5 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 GBP11 million loan with Fortress Music Trust, which he was to have reimbursed by 12 October.
Legal papers were filed under the title of 'Notice Of Default And Election to Sell' in Santa Barbara County on 22 October, according to FoxNew.com's Roger Friedman.
Jackson is currently renting in Washington, D.C. while his Neverland home, worth GBP8.5 million, remains empty.
