Michael Jackson is on the verge of losing his Neverland Ranch, according to U.S reports. The singer has reportedly still not responded to a default notice served to him by Fortress Investments 90 days ago - and it could cost him his California home.
Once Fortress Investments forecloses on Neverland, Jackson will have four weeks to pay off his debt to the firm, Roger Friedman reports on FoxNews.com.
And Friedman reports the foreclosure could come by today.
If Jacko fails to come up with the cash by the end of the month-long period, Fortress can hold an auction and sell off the ranch.
"Once Fortress announces foreclosure, Jackson will still have four weeks to cure the debt and pay off the amount due," Friedman writes.
"At the end of that month, if nothing has happened, Fortress can conduct an auction and sell the ranch.
"Of course, it would have to find a bidder with $23 million.
"Since none has come forward so far, it's unlikely one will at the auction.
"At that point, Fortress would take possession of Neverland.
"That seems to be the most plausible scenario.
"They would then hire a real estate broker who would fix up the property and market it to potential buyers."
By Graeme Massie, Jan 22 2008 © Copyright 2008 - Showbiz Spy
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