Jackson's Rep Says Neverland Ranch Safe
The Associated Press
Friday, November 9, 2007; 1:51 AM
LOS OLIVOS, Calif. -- Michael Jackson isn't worried about losing Neverland.
A day after a notice of default on his Neverland Ranch was made public, his spokeswoman said he was never in default on the loan.
  Pop star Michael Jackson smiles on the red carpet during the RainbowPUSH Coalition Los Angeles 10th annual awards dinner celebrating Jesse Jackson's 66th birthday, on Thursday, Nov. 8, 2007 in Los Angeles. (AP Photo/Danny Moloshok) (Danny Moloshok - AP) TOOLBOXCOMMENT |
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Jackson's former advisers refinanced the loan in 2006, spokeswoman Raymone K. Bain said in a statement Thursday. The loan matured last month, and now he's refinancing again.
"Mr. Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch," Bain said.
A notice from a San Francisco title default company suggested that Jackson's ownership of the ranch could be at risk.
Posted on the Web site of KSBY-TV, the notice from Alliance Default Services said that as of Oct. 12 Jackson, owed $23,212,963 on a $23 million loan.
The singer no longer lives at the 2,500-acre spread in Los Olivos, a popular tourist spot northwest of Santa Barbara known for its wineries.
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