Jacko's 'Neverland' Facing Foreclosure

When it comes to hanging onto his palatial estate, the pixie dust appears to be running dangerously low for the King of Pop, singer Michael Jackson.According to a foreclosure detail report filed by Alliance Default Services, Mr. Jackson has defaulted on the mortgage payments for his Neverland Ranch in Los Olivos, Calif. The notice said the report was filed on Oct. 22 in Santa Barbara County. However, Mr. Jackson's loan with Fortress Music Trust (doing business as DBGC LLC, a Delaware corporation) expired on Oct. 12. The singer is delinquent $23.2 million on a $23 million loan and is at risk of losing his ranch if he fails to pay the full amount plus the accrued interest of $231,354 within 90 days. A representative at Alliance Default Services refused to comment on the matter. Mr. Jackson's record label referred the matter to his spokesman, who had not returned telephone calls at deadline time.