Posted by Bossip Staff
Michael Jackson’s Neverland Ranch may be up for foreclosure sooner than later:
The mortgage broker trying to find refinancing for Jackson on a $23 million loan held by Fortress Investments using Neverland as security has so far come up empty. There is literally no interest from anyone in saving Jackson in this situation. If Neverland is not refinanced, Fortress can foreclose and sell the ranch at auction. Recently, Fortress laid off $300 million in loans to Jackson on HSBC. The refinancing resulted in Jackson’s paying off around $20 million in debt, but it still left him cash-strapped and unable to deal with the Neverland crisis.
Jackson has recently been living rent-free with his three children in the Palms casino in Las Vegas as a guest of the Maloof brothers. The Maloofs would be the latest hosts upon whom Jackson has mooched, following Prince Abdullah of Bahrain, dancer Michael Flatley and Prince Jefri of Brunei.
He better get his Billie Jean swagger back, and produce some stacks from this new Thriller project. Otherwise, Neverland will no longer be his. Poor thang.