Update: Michael Jackson and the Neverland Saga Continues

We had last heard that Michael Jackson had made a deal to save his neglected Neverland, but the newest dish is that he didn’t exactly refinance his $24+ million loan.

Fox 411 reports that a foreclosure is still scheduled for the declining property. In fact, the public auction is set for May 14 in Santa Barbara.

Looks like one of Jacko’s lawyers made a teensy-tiny error with the statement that a deal was made. Instead, there’s only a two-month extension on the auction. So developers can go back to salivating over this prime property. Oh, the greedy development dreams they must be having!

Apparently a group in LA has funded an escrow account with $46 million to make a refinance deal with MJ on Neverland. But while they thought they were working with Jacko’s people, it’s rumored that it was Jackson’s former manager Raymone Bain behind the chaos — and MJ knew nothing about it!

It’s a confusing mess over there, with new reports coming in all the time. Jackson’s going to sell Neverland. No, he’ll never let it go. He’s going to refinance. No, he can’t. Wait, there’s a deal in line! Never mind, that was a crazy scheme by someone else!

So is the LA group going to make a deal? We’re not sure, but the escrow account is apparently still funded. The Real Estalker reports yet another rumor that MJ managed to get his loan at Fortress restructured. We’re just as skeptical about the rumored deals as RE is, though, considering such a large sum of money is at stake. It’s doubtful that a big old finance company would want to keep giving breaks to MJ when there’s so much money to be had in the deal.

Will Jackson sell the property before the auction? Oh darlings, it’s anyone’s guess at this point. The behind-the-scenes shenanigans are enough to give us a headache. Jacko just continues to attract the drama, doesn’t he?

Photo by robstephaustralia licensed under Creative Commons.