Despite not returning to the sprawling property in the Santa Ynez Valley since 2005 Michael seems determined to hang on to it
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Neverland once housed a private theme park, complete with zoo and fairground rides
Photo: Getty Images

Michael Jackson to borrow in attempt to save Neverland home

28 FEBRUARY 2008
Michael Jackson is trying to prevent his beloved Neverland Ranch from being sold off by public auction on March 19. According to US reports the Thriller singer is hoping to stave off foreclosure on the Californian property with a new loan. "The financing is all being worked out," a source told CNN. "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 estate will go under the hammer unless Michael - who these days spends most of his time abroad - pays off a $24.5 million debt. The singer seems determined to save the property despite not having lived there since 2005.

Neverland, which is named after the fictional island in Peter Pan and once featured a private amusement park, was bought by the musician in 1987. It was closed in 2006 after insurance on the property lapsed and staff remained unpaid. Any sale would include the estate's miniature railway, ferris wheels, merry-go-rounds, sculptures and furniture.