Michael Jackson’s amusement park themed-home, Neverland Ranch, will go up for sale at a public auction next month unless the singer can pay the over-$24 million he owes on the property.
A court document, filed by Financial Title Company with the Santa Barbara County Superior Court on Tuesday, set the official auction date for March 19, although a source close to Jackson told CNN yesterday that the pop singer will most likely retain the property as a current deal is in the works.
The anonymous source said that Jackson is seeking a new loan. According to California Real Estate laws, a “Notice of Trustees Sale” – like the one filed on Tuesday – is only filed when a current loan has remained unpaid – usually for more than six months.
The “Notice of Trustees Sale” notes that all possessions connected to the house, such as the rides and electronic systems, will also go up for sale to the highest bidder, making the property’s estimated value considerably higher than $24 million.
The anticipated auction is scheduled for March 19 at 1 p.m. at the north door of the main entrance to the county courthouse at 1100 Anacapa St. downtown.
Meanwhile, Jackson no longer lives at the 2,500-acre Neverland Ranch in Los Olivos, which is located northwest of Santa Barbara and surrounded by several popular wineries. After he was acquitted of child molestation charges at a Santa Maria courthouse in 2005, Jackson has spent most of his time abroad. The Neverland Ranch first opened in 1988 and has maintained attractions such as a zoo, Ferris wheel, super slide, roller coaster and bumper cars.