As of October 12, Jackson owed 23.2 million dollars (11 million pounds, 15.8 million euros) on a 23 million dollar loan he took out in March 2006, according to a foreclosure and notice of default report posted online by the California branch of insurance company.
According to the document, which was first revealed late Tuesday by celebrity website TMZ.com, Jackson put up Neverland as collateral for the loan. Jackson spokesman Raymone Bain had no comment when contacted by AFP.
Default notices in California are usually issued when a homeowner misses their third payment, the website said.
Source: Losing Neverland