Even the rich and famous are not immune from foreclosure situations.
Case in point: Pop superstar and cultural musical icon since the late 1960s, Michael Jackson, is in jeopardy of losing his sprawling 2,800-acre Neverland Ranch in Los Olivos, Calif., to the lender, which recently filed a notice of default in the amount of $23 million.
We sift through countless distressed nationwide real estate listings each and every day. In fact, at press time we had more than 1.5 million listings currently available on Foreclosure.com.
With this massive volume of accurate data it is hard to point out each and every instance. We’ve been doing it more and more with our “Deal of the Day.”
However, we felt compelled to pass along this latest news of the Jackson foreclosure to illustrate that unexpected situations constantly emerge that can trigger a default notice — and it can happen to anyone.
To check out the listing on Foreclosure.com at 5225 Figueroa Mountain Road in Santa Barbara County click here.
It’s important to note that this property is in preforeclosure. Indeed, Jackson still owns it and the bank has not repossessed it … yet. In fact, he has about 120 days (February 2008) to bring the loan current and stop foreclosure.
On the other hand, an independent investor can also work out a deal with Jackson and the bank in the next few months to purchase the ranch while it’s in preforeclosure. He no longer lives there, which means that it may be possible to settle for far less than the $23 million owed to the lender.
Who knows …. someone could be in for a real “Thriller.” That’s because there is no telling if the elephants, giraffes and other animals, as well as the high-end toys that could be included in a package deal.
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