Jackson Faces Neverland Auction
February 27, 2008 at 5:30 AM (PT)
MICHAEL JACKSON could lose his NEVERLAND ranch if he fails to pay nearly $25 million that he owes on the sprawling CALIFORNIA property. If JACKSON does not pay more than three months' arrears on the property it will go to auction on MARCH 19th, a SANTA BARBARA official told the BBC.
JACKSON has not lived at the property since his acquittal on child molestation charges in 2005. He bought NEVERLAND in 1987 intending to create a fantasy-land for children. It is named after an island in the story PETER PAN, where children never grow up. After he purchased NEVERLAND, JACKSON built a zoo and fairground on the 2,800 acre property north-west of SANTA BARBARA. It was closed in 2006 after he failed to pay his staff or maintain proper insurance.
According to court documents cited by FOX NEWS, the auction is to include the house and everything on the estate including "all ferris wheels, carousels, merry-go-round type devices... and all amusement ride equipment and facilities of every kind or nature".