Michael Jackson will save Neverland

Michael Jackson is determined to fight for to stop the auction of his old Neverland Ranch home by taking out a loan to cover the money he owes to the estate's trustees.

The Financial Title Company have announced they will sell the fabled California property at auction on Mar. 19 unless the pop star comes up with the $24.5 million they claim he owes them.

The Santa Barbara County Recorder's website currently lists a "notice of trustees sale" by Jackson and his current lenders. This type of notice cannot be posted earlier than 90 days after a notice of default is filed. A default notice is not typically filed unless a loan has not been paid on for 6 months or more. Currently, Jackson owes $24.5 million on the property. He has not lived at Neverland since June 2005.

He has been mostly residing abroad since his 2005 acquittal on child molestation charges, although he has spent time in Las Vegas as he tries to stage his musical comeback.

Publication date: 28 February 2008

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