Michael Jackson may lose his Neverland ranch due to a $23million loan. The mansion has gone into foreclosure – giving him 90 days to pay back part of the loan or lose his home.
He is accused of failing to pay mortgage bills – missing three payments in a row. Santa Barbara County has issued a notice threatening to sell Neverland to pay local property taxes and repay the bank that loaned Jackson the money.
He has been given until January 19 to pay back the full loan. source