JACKSON FAILS TO PAY MORTGAGE FOR LOS ANGELES HOME
Further questions over MICHAEL JACKSON’s financial situation have been raised after documents showing the star has repeatedly failed to pay the mortgage for his Los Angeles home emerged.
The star is devastated over the planned sale of his old Neverland Ranch home in California, the proceeds of which will be used to settle $24.5 million (£12.25 million) worth of debt he owes Financial Title Company, the trustees of the estate, unless he can come up with the money himself.
But documents filed with the Los Angeles County Recorder’s Office have shown the singer has defaulted on his mortgage payments on his San Fernando property, with $153,910 (£76,955) in missed payments on a $4 million (£2 million) loan as of 17 January (08).
However, the notice of default was withdrawn on 7 February (08).
The documents also show Jackson faced possible default over missed payments on the property - which has been used for years by the Jackson family - in April and August last year (07).
Neverland will be sold at auction on 19 March (08) unless Jackson’s debts are settled. The star is reported to have taken out a loan to save the property.
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
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