Michael Jackson Foreclosure: Celebrities Have Money Problems Too
November 8, 2007 by Miranda Marquit
Filed under Mortgage and Loans, Real Estate
With 2 million foreclosures expected by 2009, some may be tempted to think that only “regular” folks are affected. But even celebrities have money problems (but for very different reasons).
Witness Michael Jackson. His Neverland Ranch is in foreclosure. He ended up over-leveraging his home with a $23 million mortgage loan. And Fortress Music Trust, the company that loaned him the money, was unable to sell the debt. So they initiated foreclosure proceedings.
Looks like both Michael Jackson and Fortress Music Trust made poor finance decisions regarding Neverland Ranch.
