Photo by: Frazer Harrison/Getty Imagesmarket
Earlier this week I blogged about Hollywood celebs' multimillion dollar properties taking a hit from the housing slump. Now it appears, not even the rich and famous can dodge the foreclosure crisis sweeping the nation. Among them is Michael Jackson. His famed Neverland Valley Ranch in California will be foreclosed and go on sale on March 19, unless the King of Pop pays a balance of nearly $25 million, according to public records.
FoxNews.com celebrity columnist Roger Friedman reported on the Web site that Jackson has been formally apprised of the foreclosure and that legal documents have also been filed with the Santa Barbara County Recorder's office. The ranch is located at 5225 Figueroa Mountain Road, in Los Olivos, Calif., and is about eight miles north of the town of Santa Ynez. The area around Neverland previously consisted of working ranches, but today it is predominantly surrounded by vineyards. A small prep school, the Midland School, is located across the road from the ranch.
Friedman reports that the property with all his possessions - including amusement park rides - will be auctioned. I don't know what the lucky buyer will do with all those Peter Pan statues, but I'm sure there's a collector out there that's just salivating over this recent news.
The opulent 2,900-acre property - which dominated news headlines in 2005 when Jackson went to trial for charges of sexual abuse against a young boy who had stayed at the ranch - has fallen to the wayside as increasing financial problems escalate for the former Grammy-winning singer.
Like a deserted ghost town, the amusement park is closed off to visitors, and the animals that once lived in the property's private zoo have all been relocated. Jackson can still try to save the ranch from foreclosure if he can refinance the $24.5 million loan by the March 19 deadline. But with only assets on paper, Jacko hasn't toured in years and isn't working on any new records. Dismal sales of his special-edition "Thriller" record aren't stuffing his coffers either. The property was initially purchased for $30 million, according to a 1987 contract.
Just imagine if you bought this place. With amusement rides, including a Ferris wheel, merry-go-round, Zipper, spider, sea dragon, Wave Swinger, super slide, Dragon Wagon roller-coaster and bumper cars galore, you may never have to grow up at Neverland.
Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com
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