Your Mama knew that Michael Jackson's loyal spokesladee Raymone Bain would eventually make some sort of convoluted and glorious comment about the recent brouhaha regarding The White Lady's finances and the impending foreclosure on "Neverland Ranch." And she did! Oh lawhd children, Your Mama just cain't get enough of that ca-razy talking Raymone Bain.
According to Miz Bain, The White Lady was never in default on the $23,000,000 loan that was taken in April of 2006 and reportedly secured by "Neverland Ranch."
He's just "refinancing." Oh. Well. Right. Hmm.
According to our banking industry source in California, a "Notice of Default" is usually sent after three loan payments have been missed. If the borrower does not pay up within 30 days, a foreclosure notice is issued and the bank begins the long and arduous process required to take possession of the property.
Word to the wise Miz Bain, Your Mama suggests you get on the horn and ring up someone in the Santa Barbara County government right quick because Mister Jackson's "Neverland Ranch" property appears on their Notice of Default report. We know that's true, we've seen the report. While you're at it, you better call the folks at Alliance Default Services in San Francisco, because they were under the impression that the loan was in default (to the tune of $212,000+) and possibly headed into foreclosure.
Listen Michael, hunny. Listen to Your Mama here. It is time to let go of your creepy carnival out in Los Olivos. Do yourself and your faltering finances a favor and sell that place off and get out from the considerable costs associated with maintaining such a vast property. Buy yerself a nice 7,000 square foot gated home in suburban Cleveland and try to raise those lily white children of yours with some sense of stability. Seriously, think about it.