Come Up with $25M or 'Beat It' from Neverland

Foreclosure & auction likely for Michael Jackson's famous property

(Okay, this isn't EXACTLY an auction story, per se, but it does involve a fascinating upcoming auction):

The U.S. economic slump and real estate woes are hitting more than just average Janes & Joes. Michael Jackson, the self-proclaimed "King of Pop" whose net worth was once pegged at nearly half-a-billion dollars, may soon have to find new digs. Unless he can come up with nearly $25 million to cover his mortgage, Jackson's famous Neverland Ranch will be foreclosed and sold at auction March, 18th according to Reuters.

Citing FoxNews.com celebrity columnist Roger Friedman, the Reuters story reported that "Jackson has been formally apprised of the foreclosure and that legal documents have also been filed with the Santa Barbara County Recorder's office."

Jackson has been mired in well-publicized scandals since his chart-topping ways ebbed in the early '90s. At a time when his fame itself might have been enough to overcome mediocre recordings and the apathy of all but his most loyal fans, these scandals appear to have resulted in critical wounds to Jackson's finances.

"Since his 2005 acquittal on charges that he sexually molested a young boy at the ranch after plying him with alcohol," Reuters notes, Jackson has spent little time at the sprawling 2,800-acre ranch near Santa Barbara, California. If Jackson fails to pay the outstanding balance, estimated at $24.5 million, Neverland would be sold to the highest bidder at a public auction on the courthouse steps, according to the wire service.

While the Federal Reserve was busy auctioning $30 billion in funds to commercial banks to keep the greenbacks flowing, and with foreclosures on U.S. homes jumping 57% in January vs. a year ago (with many lenders having to take possession of properties they couldn't sell at auction), it would be a sad twist of fate if one of the best-selling recording artists of all time lost his home like so many of us.

Adding to the weirdness of it all is that Jackson was allegedly axed from this month's Grammy Awards over a "series of diva-like demands." The irony of it is that his Grammy appearance was to have been a celebration of the 25th anniversary of "Thriller," the mega-smash album that took his career to its zenith. "Thriller" has just been re-issued, with the deluxe edition including a host of contemporary stars putting their touches on the album's hits. Jackon's official website claims the new "Thriller" was the #2-selling U.S. album in its debut last week. (Find out why the return of "Thriller" is NOT reflected in the charts.)

Maybe somebody at the label can front Michael some scrilla until the dough from his "latest" project starts rolling in. If not, it will be interesting to see who shows up in front of the courthouse steps next month to claim the ultimate pop music collectible.

(Neverland photo by Reuters)