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MJ may lose Beatles catalogue...please please


RonJonSurfer

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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

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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... :P

And I say I am broke! :laughing:

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