According to reports, Michael Jackson is determined not to let his Neverland Ranch be auctioned. An insider says Jackson is in the process of getting a new loan. “The financing is all being worked out,” the source says.
Neverland Ranch will be put up for auction on March 19 if the singer fails to pay off a $24 million loan. According to court documents, Financial Title Co. filed a notice of trustee’s sale Tuesday.
The 2900 acre ranch is located north of Santa Barbara, California. The mansion has been vacant since 2005 when Jackson was acquitted of child molestation charges and began traveling abroad. In 2006 the staff left because they went unpaid as did the property insurance.
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