JACKSON DENIES HE’LL LOSE NEVERLAND IF LOAN ISN’T REPAID
Pop superstar MICHAEL JACKSON has dismissed reports he is in danger of losing his Neverland Ranch in California after defaulting on a $23 million (£11.5 million) loan.
The Thriller singer was said to have been put on notice after failing to pay back the $23 million debt with Fortress Music Trust before 12 October (07).
However, Jackson’s spokeswoman Raymone K. Bain insists the 49-year-old refinanced the loan last year (06) with his former advisors, and that now the loan has matured, he is refinancing again.
She says, "Contrary to published reports, Mr. Jackson was never in default of the loan. Mr. Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch." Jackson has not lived at Neverland since he was acquitted of child molestation charges in 2005.
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
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