There have been daily headlines about subprime borrowers facing foreclosure but now there's finally a story that can get my sympathy.
Michael Jackson's Neverland ranch is scheduled to be sold at auction on March 19 at Santa Barbara's downtown courthouse.
But a "Jackson insider" told CNN that it won't come to that: "Michael Jackson's ranch is not going to be auctioned off at the courthouse. The financing is all being worked out. There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans," the source said."I suppose a crucial difference is that most people who are losing their homes haven't earned hundreds of millions as the King of Pop. But hey.
An excellent piece in the New York Times looks for the answer to the question: What happened to the fortune Michael Jackson made? The short answer: he spent like several thousand drunken sailors on shore-leave and his advisers were content to tell him what he wanted to hear rather than risk his wrath telling the truth.
To add to his woes, the much-hyped re-release of Thriller (shown above) with new tracks and guest stars isn't exactly making anyone forget the original in terms of sales, and the Chicago Tribune is already calling it a "flop."
But hey: with politicians around the country promising relief for home owners on the brink, maybe Mr. Jackson can get a taxpayer funded bailout on Neverland. It would be a fitting tribute to an insane housing market and crazy ideas for "fixing" it.
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