Jacko saves LA home after paying debt.
Michael Jackson has narrowly avoided losing his house in Los Angeles, after paying off debts of $414,806. The 'Thriller' singer's three-bedroom, three-bathroom property in Encino had been scheduled to be sold at a public auction on May 5, according to A Notice of Trustee's Sale filed on
However, the 49-year-old musician has now saved the house by settling his debts. A spokesperson for the singer said: "The property has been paid and is no longer in foreclosure."
Last month, Jackson managed to save his 2,800 acre Neverland ranch, in California, from going to auction after working out a deal with Fortress Investment Group LLC to refinance the property instead of paying the $24.5 million fee. Jackson's lawyer L Londell McMillan said: "They've sorted out a confidential agreement. Neverland and Michael Jackson are fine."
Fortress Investments originally loaned Jackson $300 million to pay off his debts and threatened to sell the property through a Santa Barbara real estate broker if it wasn't sold at auction. The eccentric pop star bought the property in 1987, intending to turn it into a "paradise for children". After installing a host of fairground rides and building a zoo, which included elephants, snakes, giraffes and llamas, Jackson opened up his fairytale home to children. Jackson was acquitted of child sex charges in a dramatic court course in 2005.
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