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Michael Jackson Nearly Loses The Encino House Too

Posted by Fara Kearnes on March 6, 2008 2:33 PM |

jacksonTroubled pop star Michael Jackson is close to losing his fabled Neverland Ranch this month because he failed to make mortgage payments on it, and now it's been revealed his parents' and siblings' Encino home is also in jeopardy.

According to gossip columnist Janet Charlton, "the family compound has narrowly avoided foreclosure several times before," and mortgage payments were made "at the LAST minute" this time as well.

E! Online disclosed newly public records that showed the singer owed $153,000 to mortgage lender Indymac Bancorp as part of a $4 million loan he took out on the Encino property.

Carlton also reports: "Michael's mother has been the most steady resident since the house was purchased in the 70's. Besides being the location for dysfunctional family get-togethers, it's like a hotel for Michael's less successful brothers when they get divorced or hit hard times - not to mention their wives, ex-wives and large assortment of children. Even LaToya moves in once in awhile. The not so wealthy family members have always had the house there when they needed a place to sleep - what'll they do when it's gone?"

Jackson's Neverland Ranch in Santa Barbara is on the verge of being auctioned off on March 19 if he fails to come up with $24.5 million owed to San Francisco-based lender Financial Title Co.



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