CNN reported a week ago that one of their sources in Michael Jackson's camp is confident that the auction of Neverland will not go ahead, because Jackson will find the money to pay off the $24M debt.
Quote:
"Michael Jackson's ranch is not going to be auctioned off at the courthouse.
The financing is all being worked out.
There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans."
The credibility of the source's faith in Jackson being able to refinance his debt remains to seen. However, it is fair enough to allude to the shambolic property market.
This has been brought about by the greed an stupidity of the banks lending money to people who could never hope to pay their debts off, colloquially known as NINJA mortgages (no income, job or assets).
A pretty fair description of the situation in which Jackson now finds himself in.
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