Neverland Ranch in Foreclosure!

Yes, the Thriller star is again in trouble. His home is in foreclosure.

Sure we all know him from the trial back in 2003 for 10 counts of, to put it nicely, having too much fun with children. But now it appears that his financial troubles are coming into the spotlight yet again. His Neverland Ranch home is going to the auction block in just a few months.

Michael Jackson's home is located about 5 miles North of Los Olivos in Santa Barbara County. Named after the fictional island in the story Peter Pan, the roughly 3,000-acre ranch was used as Jackson's private amusement park and home when it opened in 1988. Of course he left in 2003 during the trials stating that he would never live there again, only to "visit", although I don't think he has set foot in there for 4 years.

According to Fidelity National Financial insurance company, Jackson owes $23.2 million dollars in mid-October 2007 on a $23 million loan he took out in March 2002. I'm guessing this was an interest only loan since he owes the original balance plus the delinquent amount.

Fidelity indicates that Jackson arranged to put up his Neverland ranch as collateral on the loan, for which the celebrity is nearly $213,000 delinquent. Fidelity has posted online a foreclosure and notice of default, which are typically issued in the state of California when a homeowner misses their third payment.

Investment firm the Fortress Trust have given Jackson 90 days to meet a final demand expiring on January 19, 2008.

I wonder if he wants to list it and try for a short sale?