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Michael Jackson has defaulted on a $23 million loan and the holder has put him on notice. Jackson has 90 days to pay the full amount - $23 million plus $212,963.83 in interest - or he will lose his Neverland Ranch.
The papers were filed in Santa Barbara County on Oct. 22, but apparently Jackson's loan with Fortress Music Trust, doing business as DBCG LLC, a Delaware corporation, expired on Oct. 12. I told you in this space last week Fortress was trying to sell Jackson's loans and that a desperate refinancing negotiation was taking place. From the looks of this filing, Fortress decided not to wait any longer.
The $20 million loan was secured against the deed of trust for Neverland and is separate from the $300 million loan secured by Jackson's stake in Sony/ATV Music Publishing.
The papers filed are titled "Notice of Default and Election to Sell." No amount of wishing by Jackson fans or spin from his much-diminished team can change what they mean. Jackson's financial house of cards is finally falling in.
