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Friday, February 29, 2008

More Jackson house debts revealed !!

Singer Michael Jackson has repeatedly failed to pay the mortgage of a Los Angeles house used by his family, public documents show.

The news comes after it was revealed that he could lose his Neverland ranch because of arrears of $25m (£12.5m).Documents filed with the Los Angeles country recorder relate to a property in Encino, California, that has been used by the singer's family for years.

They show the singer has missed payments of $153,910 (£77,589).The missed payments relate to a $4m (£2m) loan from mortgage lender Indymac Bancorp, based in Pasadena, California.Documents show Jackson previously faced possible default over missed payments on the property due in April and August of last year.

According to reports, the 49-year-old is seeking a new loan that would save Neverland from being sold at auction next month.If he does not pay the $25m arrears that he owes on the sprawling California property, it will go to auction on 19 March.

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