Report: Michael Jackson's Neverland Ranch in Foreclosure

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Rumors have been surfacing months that Michael Jackson's Neverland is in foreclosure or on the brink, but TMZ has just reported the first real concrete evidence that the crazy one's home is about to be owned by a bank.

The father of Prince Michael Jackson and Prince Michael Jackson II (a.k.a. Blanket) received the foreclosure and Notice of Default from Santa Barbara County.

Akon and Michael Jackson

According to reports, Michael Jackson is, as of October, delinquent $23,212,963 on a $23,000,000 mortgage loan. That negative amortization will get you every time.

Notice of Defaults in California typically go out when a homeowner misses their third payment. After 30 days, the homeowner is issued a foreclosure notice. According to documents, it appears that the King of Pop is now $212,963 delinquent on the California home loan's very small principal of $23 million.

A rep for Michael Jackson, who has been reported as being in poor health, on top of suffering from big financial problems, did not return calls for comment.

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