Roger Friedman of FoxNews.com reports Michael Jackson has defaulted on a $23 million loan and the holder, Fortress Music Trust, has put him on notice. The singer has 90 days to pay the full amount – $23 million plus $212,963.83 in interest – or he will lose his Neverland Ranch. Friedman added that Jacko is facing a $7 million lawsuit from Prince Abdullah of Bahrain and “could file for bankruptcy in the next 90 days to guard against further disasters,” according to speculation. Read more.
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He set a company and loaned himself the money to pay the loan back.
Notice that none of his other properties were ever in jeapardy? I think MJ just didn’t care about that place anymore. He was so hurt by what happened it no longer held any plesantries for him.