Michael Jackson’s Neverland Ranch to be auctionedFebruary 27th, 2008 - 3:29 pm ICT by admin
San Francisco, Feb 27 (DPA) Former popstar Michael Jackson could lose his California Neverland Ranch next month if he does not settle a $25 million debt by the middle of March, local media reported. Neverland Ranch will be put up for sale at a public auction March 19 unless the $24.5 million debt on the property is settled, reported the Santa Maria Times Tuesday.
Jackson, 49, had bought the lavish 2,800-acre estate in the hills of Santa Maria in 1987 for $30 million, naming it after the island where children never grow up in Peter Pan stories.
The self-proclaimed “King of Pop” built a private zoo and amusement park on the grounds, though he has spent little time there since his June 2005 acquittal in sexual molestation charges of a young boy at the ranch.
In 2006, the state ordered the property closed and fined Jackson for failing to pay his staff or maintain proper insurance. The zoo animals have since reportedly been removed.
More than 30 workers filed a complaint at that time trying to retrieve $300,000 in pay, which Jackson eventually paid under court orders.
In the 1980s Jackson’s “Thriller” album was one of the top-selling pop albums of all time, however, his musical career has since been overshadowed by his eccentric personal life.
Tags: 30 million, acquittal, acre estate, amusement park, auction march, king of pop, local media, molestation charges, musical career, neverland ranch, personal life, peter pan, pop albums, popstar, private zoo, proper insurance, public auction, santa maria times, thriller album, zoo animals