Post by Skinartia on May 25, 2005 6:54:39 GMT -5
Losing Neverland
(BANG) - Michael Jackson is selling his Neverland Ranch for an astonishing $37millionUS as his debts spiral out of control.
The eccentric singer, who is also facing mounting legal fees for his child abuse trial, is set to move out in July.
The buyer of the sprawling estate, where the star is alleged to have molested his teenage accuser, will not be revealed until the sale is completed.
The singer originally paid $3.5millionUS in 1988 for the 2,700-acre Los Angeles hideaway which he has fitted out with zoo fairground and cinema.
A source revealed: "After police raided Neverland Michael felt his personal space had been invaded and told close friends he did not want to carry on living there."
Jackson's money problems began when he paid an $15millionUS settlement after he was accused of sexually molesting 12-year-old Jordan Chandler.
His financial crisis, which has seen him having to re-mortgage Neverland over the years to the sum of $18millionUS, has been made worse by the singer's excessive shopping habits, which has seen him own 45 cars.
(BANG) - Michael Jackson is selling his Neverland Ranch for an astonishing $37millionUS as his debts spiral out of control.
The eccentric singer, who is also facing mounting legal fees for his child abuse trial, is set to move out in July.
The buyer of the sprawling estate, where the star is alleged to have molested his teenage accuser, will not be revealed until the sale is completed.
The singer originally paid $3.5millionUS in 1988 for the 2,700-acre Los Angeles hideaway which he has fitted out with zoo fairground and cinema.
A source revealed: "After police raided Neverland Michael felt his personal space had been invaded and told close friends he did not want to carry on living there."
Jackson's money problems began when he paid an $15millionUS settlement after he was accused of sexually molesting 12-year-old Jordan Chandler.
His financial crisis, which has seen him having to re-mortgage Neverland over the years to the sum of $18millionUS, has been made worse by the singer's excessive shopping habits, which has seen him own 45 cars.