Michael Jackson May Lose Neverland Ranch To Debt

He was once the King of Pop and ruled over the musical landscape. Following commercial slumps and a criminal trial, his dominion was reduced to a mansion and theme park called Neverland Ranch. Now, the final vestige of Michael Jackson's unironic reign is reportedly on the verge of being taken away, after MJ defaulted on a $23 million loan. Jackson was given ninety days starting October 22nd to repay his debt or risk losing the ranch, which had been shuttered and its employees dismissed since he was accused of using the park as a lure for young children (or since he failed to pay the employees' salaries and insurance). The ranch was used as collateral for Fortress Music Trust when they loaned the beleaguered pop star $20 million, and after failing to sell another company Jackson's debt, Fortress is eager to recoup their losses. If we were Jackson, we'd rush up the release of the Thriller reissue. The star still faces a $7 million lawsuit brought forth by Prince Abdullah of Bahrain after MJ reneged on a recording contract, but kept the upfront money. With all this talk of debt, it's easy to forget that Jackson is still rich. He owns a 50 percent stake in Sony/ATV Music Publishing, including the Beatles catalog, which has an estimated value of $600 million. If Jackson were to declare bankruptcy, however, that stake would be liquidated and auctioned to the highest bidder. But seriously, won't somebody please think of the llamas.

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Song Stories

“All Along the Watchtower”

The Jimi Hendrix Experience | 1968

Jimi Hendrix got hold of Bob Dylan's early John Wesley Harding tapes and in late 1967 recorded a version of "All Along the Watchtower" with the Experience in London. Dissatisfied with that first development, Hendrix brought those tapes with him to New York in early 1968 when he began work on Electric Ladyland. Eddie Kramer, Hendrix's engineer at the time, told Rolling Stone that Hendrix "was still looked upon by his basically white audience as the mammoth black guitar hero. There was a constant fight within him to expand himself." Hendrix's successful take on Dylan's work has long been recognized by the songwriter. "I liked Jimi Hendrix's record of this and ever since he died I've been doing it that way," Dylan wrote in the liner notes to his Biograph box set. "Strange how when I sing it, I always feel it's a tribute to him in some kind of way."

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