RonJonSurfer Posted December 9, 2005 Report Share Posted December 9, 2005 Jackson May Lose Ranch and Beatles Catalog The King of Pop reportedly has two weeks to stave off a $270 million foreclosure. United Press International Michael Jackson reportedly has two weeks to stave off a $270 million foreclosure or lose his Neverland Ranch and Sony Beatles music catalog. It's a meltdown -- Michael's life is on the line, physically, and his finances are in ruins because he has listened to the wrong people, a source told New York Daily News. The newspaper reportedly earlier in the week Jackson's family was planning an emergency trip to Bahrain to try and get the pop star into rehab for a prescription drug addiction. The source told the News that Jackson took out two loans, one for $200 million and the other $70 million, and secured them with Neverland and the Beatles catalog. He reportedly defaulted on the smaller loan in April then worked out a payment plan with Fortress Investments. But Jackson defaulted again in October and foreclosure is set for Dec. 20, the source said. Jackson has also reportedly failed to make payments on a $2.2 million second mortgage he took out on his parents' Encino, Calif., mansion, which is also now facing foreclosure. Copyright Yellowbrix 2005 Link to comment Share on other sites More sharing options...
daslied Posted December 9, 2005 Report Share Posted December 9, 2005 Who wants to go in with me? Link to comment Share on other sites More sharing options...
RonJonSurfer Posted December 9, 2005 Author Report Share Posted December 9, 2005 Maybe we can all pool our money and buy one song, maybe one that Ringo sang would be cheap enough. Link to comment Share on other sites More sharing options...
Steel2Velvet Posted December 9, 2005 Report Share Posted December 9, 2005 Instead of taking out millions in loans and going into debt, maybe Michael should have recorded songs in order for all his fans to buy them and then put the money INTO a bank. But that's probably way too simple for someone as lofy as MJ, much too working-class. Link to comment Share on other sites More sharing options...
bluesboy Posted December 10, 2005 Report Share Posted December 10, 2005 Maybe Paul will buy back the Beatles catalog now, or goes halvies with Yoko. Link to comment Share on other sites More sharing options...
edna Posted December 10, 2005 Report Share Posted December 10, 2005 Instead of taking out millions in loans and going into debt, maybe Michael should have recorded songs in order for all his fans to buy them and then put the money INTO a bank. But that's probably way too simple for someone as lofy as MJ, much too working-class. That´s the first thing that came to my mind too... let´s see, if you´re MJ or someone like that, the logic thing to do would be a record, a tour, something like that... And I say I am broke! Link to comment Share on other sites More sharing options...
NewYorkMets9 Posted December 10, 2005 Report Share Posted December 10, 2005 I'm buying Happiness Is A Warm Gun. Link to comment Share on other sites More sharing options...
Steel2Velvet Posted December 10, 2005 Report Share Posted December 10, 2005 I'm buying Happiness Is A Warm Gun. I believe that's the only one that Michael insists on keeping. Link to comment Share on other sites More sharing options...
NewYorkMets9 Posted December 12, 2005 Report Share Posted December 12, 2005 (edited) I believe that's the only one that Michael insists on keeping. Actually, he wants this one: http://www.songfacts.com/detail.php?id=6 Edited December 12, 2005 by Guest Link to comment Share on other sites More sharing options...
NewYorkMets9 Posted December 13, 2005 Report Share Posted December 13, 2005 Come on, that was a gem. Link to comment Share on other sites More sharing options...
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