According to reports, Michael Jackson could lose the Neverland Ranch as his financial struggles catch up with him once more. Fox News report that the singer has been put on notice after defaulting on payments on a $23 million loan with the Fortress Investment Group. He now faces the task of paying back the whole amount or they will start moves to seize the ranch, on which the loan is secured. The Californian property, which Jacko has turned his back on since his most recent child abuse trial back in 2005, is said to be worth just under the figure the singer owes Fortress.
The latest financial challenge will not affect Jackson's stake in music publishing giant Sony/ATV, on which other loans are secured, and which is pretty much keeping Jackson afloat these days. Because of the Sony/ATV stake some reckon Jacko's people will come to a deal with Fortress or a third party before any foreclosure on Neverland takes place, though Fox's Roger Friedman says that Jackson's outstanding loans and legal debts are getting close to adding up to the value of his Sony/ATV stake, observing that current problems amount to "the worst financial situation [Jacko's] ever faced".