Michael Jackson facing foreclosure
February 26, 2008 | 9:29
pm
No, no, not Neverland.
Yes, Neverland.
News item from LA Now: Michael Jackson stands to lose his bizarre Neverland ranch to foreclosure.
Reuters: "Michael Jackson's famed Neverland Valley Ranch in California will be foreclosed and sold on March 19 unless the pop star pays a balance of nearly $25 million, property records showed on Tuesday."
Reuters reports Jackson rarely spends time at the 2,800-acre property in Santa Barbara County.
Thoughts? Comments? Insights? E-mail story tips to peter.viles@latimes.com
Photo Credit: L.A Times
I told Michael not to buy unless he could put down 20 percent and document his income... but no, he thought it would be a good idea to get a 5/1 ARM with a teaser rate because 'Santa Barbara is such a hot market.'
His brother Tito was the mortgage broker and his pet monkey was his Realtor.
Posted by: Ace | February 26, 2008 at 10:16 PM
Pete,
Now that's a "celebrity house" story worthy of LA Land!
Posted by: T Hebb | February 26, 2008 at 10:25 PM
Well we should help MJ out with a government subsidized morgage. There has got to be some sort of workout we can do? Nancy, Hillary, Obama, Bush? Are you guys listening? I really feel MJ's pain. He must have been tricked into buying that $25 million house by an interest only morgage. Everyone in California deserves a free house right? I mean unless your waiting till prices drop till you can afford them, then you get a cardboard box on the street and a giant tax bill. You snooze you lose. I hope you are at least racking up a giant credit card bill. I mean don't you think you deserve it :) Let those suckers who pay cash pick up the tab.
Posted by: IToldu2CashOut | February 26, 2008 at 10:46 PM
only $9,000/acre! maybe not a first trust deed. well guess what people, you can make your own neverland right now, in incredible metro L.A.!! beach, valley or downtown, buy now or you may end up in riverside!
Posted by: lefty | February 26, 2008 at 10:57 PM
Do kids come with this property?
Posted by: MJ | February 27, 2008 at 12:05 AM
I wrote this to my senators and congresswoman. I didnt mention MJ. though.
February 26, 2008
Dear Senator X,
If there is a MORTGAGE BAILOUT for homeowners or lenders YOU WILL NOT BE GETTING MY VOTE next election.
I have waited years to buy a home while being priced out by these crooks and morons who drove prices up hoping to get rich, now that it’s not working out for them I should be forced to come to the rescue with my tax dollars to pay for their trophy homes?
If you vote for a bailout you are keeping me from owning a home and not helping anyone. Prices need to come down. If there is a bailout prices will just take longer to tank. I will not be able to buy for years.
People are losing their homes. It was never their home in the first place, they have a loan they can’t afford sold to them by a bank who sold it to someone else, and they all made out. If they didn’t that’s too bad, they made their bed. They can walk away and have a bad credit score. A well deserved bad credit score and maybe they will think twice next time a get rich quick scheme comes their way.
I’ve never voted for a Republican in my life but if my party helps to perpetuate this fraud on myself, my finances, and my country I will be voting for your opponent next election and you can take that to the bank!
Where were you when everyone was making money? When the hedge-funds and real-estate speculators were all getting rich, where was your voice to stop sub-prime lending? That was the time to intervene before things got out of control. Now is too late, there needs to be a reckoning for the people who caused this problem.
Now is your chance to redeem yourself on this issue. Will you continue the fraud or will you let the market work it out in the quickest and least painful way possible.
I will be watching closely.
http://feinstein.senate.gov/public/index.cfm?Fuse
Action=ContactUs.StateOffices
https://boxer.senate.gov/contact/email/policy.cfm
Posted by: IToldu2CashOut | February 27, 2008 at 12:30 AM
Who cares?
Posted by: sunsetbeachguy | February 27, 2008 at 05:25 AM
If all you dis/semi and fully gruntled renters on this board don't see this as a deal, you are going to really miss out. The person who gets this could part it out and sell it on Ebay to all those "Gloved One" fans who live in other countries. There are probably some of the non-disclosure forms laying around that he used to make his hay delivery people sign when they delivered feed for his zoo. Those should bring big bucks!
Posted by: Inland Empire | February 27, 2008 at 05:41 AM
He probably owes more than what the place is worth. Jingle mail time - mmm...sounds like a good song title.
Posted by: SID | February 27, 2008 at 07:06 AM
Even the ariel view gives me the creeps.
Posted by: TakeFive | February 27, 2008 at 08:37 AM
Even the ariel view gives me the creeps.
Posted by: TakeFive | February 27, 2008 at 08:37 AM
Yea, many-a younster walked up those stairs as innocent and wide-eyed young boys, but walked down again...more - what can we say - litigious?
Posted by: theproblemwithcaring | February 27, 2008 at 11:09 AM
Maybe the guy who bought OJ's Rockingham house would be interested????
Posted by: PREFAB SPROUT | February 27, 2008 at 12:43 PM
Lies Liies He still has his ranch. MJ has 50% of Sony Music publishing(5 Billion) he will never lose his houses or "go broke".
Posted by: MJIS4EVER | June 04, 2008 at 04:36 AM