All Articles Tagged "neverland ranch"

9 Black Celebrities Who’ve Faced Foreclosure

December 6th, 2010 - By TheEditor
Share to Twitter Email This

When the real estate bubble popped in 2008, even the rich and famous weren’t immune from the consequences. As of October, foreclosure filings–default notices, scheduled auctions and bank repossessions–were reported on 332,172 properties, a 4% decrease from the previous month but almost exactly the same total reported in October 2009, according to RealtyTrac, an online marketplace for foreclosure properties. Here’s a look at some highly publicized foreclosures since 2008:

Michael Jackson

"michael jackson"

Known as “the most famous foreclosure ever,” the king of pop defaulted on a $24.5 million loan in 2008 for his 2,676-acre Neverland Ranch in Los Olivos, Calif., which included an amusement park, a zoo, and giant statues. To avoid foreclosure, he sold the property to a real estate investment company, Colony Capital LLC. There were plans to renovate and re-sell it but presently, nothing has come to fruition.

Get the MadameNoire
Newsletter
The best stories sent right to your inbox!
close [x]