Pop superstar Michael Jackson is facing a foreclosure of his Neverland Ranch and possibly losing the lucrative Beatles music catalog in two weeks according to news reports.
"It's a meltdown - Michael's life is on the line, physically, and his finances are in ruins because he has listened to the wrong people," a source familiar with Jackson's business crisis told the New York Daily News.
His family is said to be frantic and several of them are headed to Bahrain where the singer now lives. "Janet thinks he needs 12 months of rehab. ...Randy wants to get Michael out of the clutches of handlers who don't have his best interests at heart," said the business source.
At the time of his child molestation trial last spring, Jacko was said to be in debt to the tune of $270 million. The debt was secured by the Neverland property and his share of the SONY/ATV music catalog. In April, Jackson defaulted on a $70 million portion of the loan by failing to make payments. Now, December 20 has been announced as the foreclosure date and sources say Jackson has no way of paying off the massive note other than to have his assets sold off.
In addition, the King of Pop has failed to make payments on a $2.2 million second mortgage he took out on the family's Hayvenhurst mansion in Encino, Calif., and his kin expect to get the boot in the new year. Jackson bought the home for his family in the 1970s, and his mom, Katherine, brothers Randy and Jermaine, Jermaine's ex-wife Alejandra and several of Randy and Jermaine's kids now live there. Read the full story by By Michelle Caruso at nydailynews.com
