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Michael Jackson Facing Further Financial Troubles

On another family home...

February 29, 2008 by Jason Gregory | Photo by PR Photos
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Michael Jackson is facing further financial trouble after documents emerged showing that the pop star has failed maintain mortgage payments on a family home.

The public documents, which were filed with the Los Angeles country recorder, relate to a family owned property in Encino, California.

According the papers, as of January 17th Jackson had missed $153,910 worth of payments on a $4m loan issued by Indymac Bancorp, a Californian mortgage lender.

The documents also show that Jackson faced default over missed payments on the home in April and August last year, reports AP.

Earlier this week it emerged that Jackson faces losing his Neverland ranch unless he can pay  $25 million worth of outstanding arrears on the estate.

If Jackson fails to pay by March 19th, the property, which includes a fairground and zoo, will go up for auction.
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  • well most of major purchases were financed with that Beatles Catalog. He financed his icon image with mostly their music rights. NOT his, at his peak of Thriller with the Victory Tour he couldnt even sell out ”most” of the concerts! They gave away tons of tickets to make it look half filled.

    ~ by Erin 2/29/2008 Report

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  • Silly girl ...

    ~ by HeNK! 3/1/2008 Report

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