Michael Jackson has defaulted on a $23 million loan against his storied Neverland Ranch, and he’ll lose the Santa Barbara fortress if he doesn’t pay in 90 days. The King of Pop is in his worst financial situation ever, says Fox News, and speculation is mounting that he’ll declare bankruptcy to limit the damage.
Jackson’s 50% interest in Sony’s music publishing company may be worth a whopping $600 million. But the news gets ugly for Elvis’ ex-son-in-law when you total the defaulted loan, a separate $300 million loan, several unpaid settlements, massive legal bills, and a pending $7 million lawsuit brought by the prince of Bahrain. (More Michael Jackson stories.)