Jackson's Neverland May Hit Auction Block
Pop king could lose ranch to foreclosure; one agent estimates value at $100M.
Feb. 27, 2008 — -- Michael Jackson may have to say goodbye to his Neverland Ranch.
The one-time primary residence of the King of Pop is set be sold at public auction on March 19 unless Jackson pays off $24,525,906.61 he owes for the property, according to court records.
Not only will Jackson's house go on the block, all personal property inside the Neverland Ranch will be auctioned off too, which means M.J. fans could get a coveted piece of the pop star's personal life.
The singer took up residence at 5225 Figueroa Mountain Rd. outside Santa Barbara in 1988, along with Bubbles the monkey and an assortment of llamas. He built a private amusement park and named the property Neverland Ranch after the fictional home of the eternally boyish Peter Pan.
Jackson hasn't lived at the ranch since police raided the home in 2005 to look for child pornography or evidence of child molestation to be used in a trial against the pop star that year. "I won't live there again. It's a house now. It's not a home anymore," he said at the time. In 2006, he took out a $23 million loan amid mounting debts.
In March 2006, after finally paying ranch employees hundreds of thousands of dollars in back wages, Jackson closed up the main house and laid off workers on the estate. A small number of animal caretakers were retained. Jackson reportedly now maintains homes in Bahrain and Washington.
With the news that Neverland Ranch may wind up in foreclosure, there's been no lack of speculation about what the future holds for the prestigious, yet tainted, parcel of land in California's posh Santa Barbara County.
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?
