Pop star Michael Jackson is not on the verge of losing his famous Neverland estate, his spokeswoman has said.
New York, November 10 : Pop star Michael Jackson is not on the verge of losing his famous Neverland estate, his spokeswoman has said.
Raymone K. Bain says that Jackson's former advisers refinanced the loan in 2006, which matured last month.
She said that the singer was refinancing the loan again.
" Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch," the New York Daily News quoted Bain as saying in a statement.
A San Francisco title default company recently made public a notice that suggested that Jackson was about to lose his property because of his failure to repay the loan.
Posted on the Web site of KSBY-TV, the notice from Alliance Default Services said that as of Oct.12, Jackson owed 23,212,963 dollars to his creditors on a 23 million-dollar loan.
The property is spread on 2,500 acres of land in Los Olivos, a popular tourist spot northwest of Santa Barbara known for its wineries.
ANI