Your Mama just loves us some Raymone Bain. The stern and loyal spokesladee for Michael Jackson has got to be falling down dizzy after all the spinning she’s done regarding the possible foreclosure on Neverland Ranch, The White Lady’s personal playground in Los Olivos, CA.
Late last week, after news broke far and wide about Neverland Ranch being in foreclosure, Miz Bain adamantly stated that Mister Jackson “was never in default of the loan” and that he was simply in the midst of refinancing. But according to The Mortgage Lender Implode-O-Meter, Miz Bain is not being entirely truthful about the status of the $23,000,000 loan (plus $212,963.83 in interest) that was secured by the value of Neverland Ranch.
While it’s not certain that Mister Jackson will indeed lose the vast and over developed property (he can always make good on what’s owned on the loan or sell the property to repay the loan), title documents dug up by Implode-O-Meter clearly show that Michael J. Jackson is currently in default of the leviathan loan and the nasty foreclosure process has begun. Uh oh. Somebody in Jackson’s camp had better put a fire under whatever bank is foolish enough to refinance The White Lady’s considerable debt.
Your Mama hopes that Mister Jackson’s attorneys, or whomever it is that manages his affairs these days, are burning up the phone lines to all the high end brokers in Santa Barbara and Los Angeles quietly inquiring if they know of any investors interested in sub-dividable 2,700 acre ranch with a petting zoo, teepee town, private train and station (pictured above courtesy of Pacific Coast News), a broken down amusement park, and a sprawling, poorly decorated Tudor style house that includes a two story heavily fortified master bedroom suite.
Your move Miz Bain.