Michael Jackson to go bankrupt
(showbizspy.com) - Troubled 'King Of Pop' Michael Jackson is reportedly considering filing for bankruptcy after learning his Neverland Ranch may be repossessed over his failure to make payments on a $24 million loan.
According to reports, the fallen pop legend has only 90 days to repay the amount, plus interest, or he will lose the property.
Court papers that were filed in Santa Barbara County, California, last week by Fortress Music Trust, who secured the deeds to the vast estate after Jackson defaulted on his October 12 payment deadline.
The 2700-acre ranch was closed last year because he had not paid the workers' employment insurance.
Jacko was fined $70,000 and sued by 30 of his staff for more than $300,000 in back payments.
According to Britain's Mirror newspaper, the 'Thriller' hit maker owes more than $320million in all his loans and is facing other lawsuits, including one for ?14million in Bahrain where he moved in 2005 after being acquitted on child molestation charges.
His 50 per cent stake in Sony/ATV Publishing "may be renegotiated" to pay his debts, claim sources.