Neverland will be Auctioned Off Next Week
March 11th 2008 by Kelly in Real Estate
Unless Michael Jackson can come up with enough money to pay off part of his 160 million dollar dept on the Neverland Ranch, it will be auctioned off next week on the steps of the Santa Barbara County courthouse. The same courthouse that was the site of the 2005 molestation trial. The 2,800 acre fantasy home is equipped with everything a child’s fantasy would entail. Some of the fair like activities that the ranch houses are a merry-go-round, bumper cars, swings and roundabouts, tepees, and a wildlife observatory.
The ranch is falling apart. The enormous Alice and Wonderland like clock in the front of the house no longer works and some of the numbers are missing, everything has sun damage, the tepees are falling down, the bumper car tent is ripped and caving in, the swings and merry-go-round are rusted, the place that so many children filled has been left to rot. Neverland was once known for its’ zoo stocked with elephants, giraffes, lions, and monkeys, all of which have found new homes. How can he afford to live in Bahrain in the Persian Gulf? He didn’t pay for his employees to keep up the Neverland Ranch and stopped paying for insurance so now the ranch is run down. How do they auction off his home and he gets to stay living in the Persian Gulf? He didn’t claim Bankruptcy?

March 17th, 2008 at 10:12 am
Jackson was able to refinance the estate with Fortress Investment Group, LLC.
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