As Michael Jackson’s empire started to crumble following his arrest in 2003 for child molestation, his famed Neverland Ranch has been scheduled for foreclosure and auction on 19 March 2009 due to his inability to service a US$24.5 million debt for years. Though the King of Pop has been in seclusion and hasn’t lived on the ranch for years after his arrest and acquittal, all efforts are still being made to save the property.
Fortunately, the valuable property was saved from foreclosure when an investment entity purchased the loan to give Jackson time to settle his debts. At the moment, keeping his property is now possible with his London concert tour sold out within hours upon availability. Despite the controversies and difficulties that Jackson has gone through, he is still undoubtedly one of the most famous celebrities of all time.
On related news about Jackson’s financial troubles, dispute about the auction of his personal items has now been brought to court. Jackson filed a lawsuit against Julien’s Auctions, claiming that he had never given permission to sell off many of his priceless and irreplaceable items. Darren Julien, the auction house president, fired back saying that it was the pop king’s representatives that came to them and claimed that the ranch was in shambles when they visited it. Following the lawsuit, he even claimed that he has been receiving threats from Jackson’s camp should he decide to pursue the auction. Of course, Jackson’s lawyers denied the threats and claimed Julien’s statements were a ruse to gain the spotlight and divert attention to his misconduct. Even with the dispute, the personal items are currently on publicity tour while the auction is scheduled on 21 April 2009.
Included among those items that will be allegedly put on sale are Jackson’s glittery white glove and 1999 Rolls Royce. A conservative estimate of proceeds from the sale is between US$1.5-3 million.