Michael Jackson's Trials

Michael Jackson's Trials

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The Ongoing Trials of The Late Michael Jackson

Friday, December 09, 2005

Jackson Faces Foreclosure

It is reported that Michael Jackson has two weeks two to fend off a $270M foreclosure, or face losing Neverland and his Sony Beatles music catalogue.

His "friends" say that he faces ruin because he listened to the wrong people.

Evidently Jackson took out two loans, one for $200M and the other $70M, which were secured on Neverland and the Beatles catalog.

It seems that he defaulted on the $70M loan in April, then worked out a payment plan with Fortress Investments. However, Jackson defaulted again in October and foreclosure will happen on December 20th.

Jackson has also reportedly failed to make payments on a $2.2M second mortgage he took out on his parents' mansion, which is also now facing foreclosure.

Given his financial predicament, it is hardly surprising that he is planning to re-release his old hits at the rate of one a week.

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