Michael's Neverland Evermore
Sorry, bargain hunters and other real-estate vultures, Neverland's not going on the auction block.
Michael Jackson has not defaulted on a jumbo jumbo-sized home loan, and will not lose his self-styled fantasyland estate, the entertainer's spokeswoman said.
The statement, released Thursday, was the first comment from Jackson's camp on a foreclosure report that noted the pop star owed $23.2 million and change on a $23 million loan. The document, ferreted out by the Web's Mortgage Lender Implode-O-Meter, followed a FoxNews.com report that said Jackson had 90 days to make good on the loan payment...or else.
"Contrary to published reports," Jackson rep Raymone K. Bain said, "Mr. Jackson was never in default of the loan."
In the Jacksonian version of things, the loan, obtained in 2006 by "former advisors" to the performer, "matured" in October.
Presently, per Bain, Jackson is "in the final stages of [a] refinance."
Jackson, 49, bought Neverland in 1988 for $17 million. He has visited, but not lived at the 2,500-acre, amusement park of a spread since a police raid there in 2003 during the child-molestation investigation that resulted in his arrest.
Since being acquitted of criminal charges by a jury in 2005, Jackson has called the world his home, traipsing from the Middle East to Europe before returning to the States.
According to FoxNews.com, Jackson is currently renting in New York City. And, if he's like any average homeowner, waiting for real-estate values to rebound.
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