US singer Michael Jackson performingin 2006. A spokeswoman for Jackson denied reports that the former "King of Pop" will be forced to give up his Neverland ranch in California over delinquent loan payments.
(AFP/File)
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A spokeswoman for Michael Jackson on Friday denied reports that the former "King of Pop" will be forced to give up his Neverland ranch in California over delinquent loan payments.
Jackson's spokeswoman Raymone Bain said in a statement that the singer, who has not lived at the property since his acquittal on child sex charges in 2005, did not default on a 23.2 million dollar loan on the home.
"Contrary to published reports, Mr. Jackson was never in default of the loan," the statement said. "Mr. Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch.
"No further comments will be made regarding this subject as it has been our long-term policy not to address Mr. Jackson's personal financial affairs."
According to a foreclosure notice of default report posted by Fidelity National Financial insurance company in Santa Barbara County, Jackson owed 23.2 million dollars on a 23 million dollar loan he took out in March 2006.
Neverland was put as collateral for the loan, according to celebrity site TMZ.com. Neverland, set over 1,000 hectares (2,800 acres), is 200 kilometers (125 miles) northwest of Los Angeles.
The eccentric music legend has been struggling to rebuild his career since his trial in 2005.
Since leaving Neverland, Jackson has lived in Bahrain, Europe and in the gambling capital of Las Vegas. According to TMZ he is currently renting an expensive home in Washington.
In mid-July Jackson was ordered to pay more than 256,000 dollars in overdue fees to a California law firm he employed for work connected to his sex abuse trial.
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