The king of pop, who is struggling to rebuild his declining career, is in the brink of losing one of his major assets. Official reports indicate that the financially broke flamboyant star is in no position to save him from this disgrace, at least this time. When foxnews broke the court verdict on its website, it came as a rude shock to millions of his fans worldwide.

Michael Jackson’s sprawling 1000 hectare (2800 acres) Neverland Ranch is set for an auction on March 19, as the fallen king of pop still owes 24,525,906.61 dollars ($24.5 million) on the property.

Jackson purchased the property in 1987 and transformed it into a paradise for children. Named after the fantasy island in Peter Pan, the sprawling estate features a mock-Tudor mansion and at one stage had a full-fledged fairground and zoo.

The auction sale would include the house as well as all personal property inside, including fixtures and appliances, furniture and “all merry go round type devices”, rides and games, the report said.

The Financial Title Company, from whom Jackson took loan, sent a word that unless he pays the said amount by March 19, a public auction will go forward in Santa Barbara, California, in front of the county court house. Financial Title Company earlier filed the notice of trustee’s sale with Santa Barbara County Superior Court, setting the auction date for March 19.

Unconfirmed reports indicate that if the property does go on auction, the initial asking price could be higher than the $24.5 million to cover up interest due and other costs.

Since June 2005, when he was acquitted of sexual molestation charges, the reclusive star hasn’t been at Neverland, reportedly he left for Bahrain. Presently no one lives there, the animals in the zoo are all gone, and the rides are either sold or shut down.

Financially, Jackson is in no position to save the Neverland. Even though he was able to refinance his $300 million loan from Fortress Investments with help from Sony Music, HSBC and Barclays Bank, the Neverland loan was not part of that deal. Fortress would clearly like to get out of the Jackson business altogether now and Jackson would be left with no option but to let the auction proceed.

If Jackson loses Neverland, it will mark the end of an era for the eccentric pop star.

via Foxnews