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Jackson on the Brink of Losing Neverland
27-Feb-2008
Written by: Janet Onyenucheya
After failing to keep up with property costs, Jackson’s “Neverland Ranch” is facing foreclosure.
Michael Jackson's famed Neverland Valley Ranch will be foreclosed and sold on March 19, unless the pop star pays a balance of nearly $25 million, reports Reuters.
According to property documents, Neverland will be sold to the highest bidder at a public auction on the courthouse steps.
The county recorder's Web site shows that a Notice of Trustees Sale was filed against Neverland Valley Ranch on Monday, but no further details were available and a spokeswoman for the office declined to comment.
The "King of Pop" has owned the 2,800-acre ranch naming it "Neverland Ranch," after the whimsical island where children never grow up in J. M. Barrie's Peter Pan.
Jackson has spent little time at Neverland since his June 2005 acquittal on charges that he sexually molested a young boy on the property.
In 2006, state authorities ordered the property closed, and fined Jackson for failing to pay his employees or maintain proper insurance, and the zoo animals have since reportedly been removed.
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