Michael Jackson has something in common with 233,000 other Americans– he is set to lose his house due to foreclosure in January. Michael Jackson’s lavish and expansive Neverland Ranch, which has on its property train tracks and locomotives as well as ferris wheels, carousels, and merry-go-rounds, is set for a public auction next month unless he pays the $24 million he still owes on the property.

Jackson lost much of his fortune to a series of colossally bad business decisions. For about the past 15 years or so the former King of Pop has been living off loans that used his Beatles catalog (which he bought in 1985 for $47 million) and Ranch as collateral. Jackson has been living abroad since his 2005 child molestation case and the ranch was boarded up in 2006 after the staff and the insurance went unpaid. We’ve heard that he is planning to make a ‘comeback’ in the near future, but it doesn’t take psychic to see where that’s going. Remember Thriller? What happened to ya Mike?

This entry was posted on Wednesday, February 27th, 2008 at 4:07 pm and is filed under Music. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.