Michael Jackson Is Going To Be Homeless.
As bad as it sounds, I’m quite happy to hear that someone with a crap load of money is losing their house due to foreclosure. I don’t know if you’re aware of this, but there is an epidemic in California – thousands of people are losing their homes because they can no longer afford their mortgage payments. I know people to whom this has happened, and trust me, it’s not a fun process.
Although I am happy the epidemic has hit the rich, I am a bit sad to know that Michael Jackson could quite possibly lose his family home in Encino, CA. I’ve been to that house – well, to the gate anyway (one of my sisters demanded to our parents that she be allowed to drop off a present for the King of Pop).
On top of all that, the infamous Neverland Ranch is being auctioned off. Yes, you heard me – auctioned off. I can’t wait to see who gets it.
Public documents show Michael Jackson has repeatedly failed to make mortgage payments on a Los Angeles home that has been used for years by his family…The singer had $153,910 in missed payments as of Jan. 17 on a $4 million loan serviced by Pasadena-based mortgage lender IndyMac Bancorp. Documents dated Feb. 7 show the notice of default was withdrawn…
Jackson’s Neverland property in Los Olivos, Calif., is set to be auctioned off March 19 because of missed payments on a $24.5 million loan. PilotOnline.com
Gossip Posse Report: Mortgage Housing Market Woes Hamper Michael Jackson – The Hollywood Gossip
Image Sources:
ABC News – Jackson’s Neverland May Hit Auction Block
HollyScoop – Jacko To Lose Neverland Ranch?
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Tags: california housing market, encino ca, Gossip, Hollywood Gossip, michael jackson, neverland ranch, the jackson five, wacko jacko
As of today, reports are surfacing that he is finding a way of raising the needed funds to keep the ranch.
What’s strange to me is the idea that he only needs to raise 24+ Mil. From what I understand he owns something in the realm of 1000+ acres. You’d think he could sell off property and keep the homestead.
All that said…. it’s a nasty property – who’d want to live there? Too much bad mojo… Even if you kept the main residences, who want’s to deal with either the tear-down or up-keep of all the attractions?
From a finanacial standpoint, it would seem he’s been living beyond his means for at least 20 years.
Comment left on February 28, 2008 @ 10:10 pm