Michael Jackson's Neverland sale

Feb 27, 2008, 11:35 GMT

An aerial view of the Neverland Ranch of US pop singer Michael Jackson in Santa Ynez, 20 November 2003. Former popstar Michael Jackson could lose his California Neverland Ranch next month if he does not settle a 25-million dollar debt by the middle of March 2008, local media reported, 26 February 2008. Neverland Ranch will be put up for sale at a public auction on 19 March 2008 unless the 24.5-million dollar debt on the property is settled, reported the Santa Maria Times. Jackson, 49, had bought the lavish 2,800-acre estate in the hills of Santa Maria in 1987 for 30 million dollars, naming it after the island where children never grow up in Peter Pan stories. EPA/ARMANDO ARORIYO

Michael Jackson's Neverland ranch is set to be sold at auction.

The singer's fantastic property will go under the hammer on March 19 in California's Santa Barbara's courthouse unless he can raise a staggering $24.5 million to pay off a loan.

As well as the sprawling ranch, the prospective buyer will secure everything inside the property - including all fixtures, appliances, furniture, rides, games and "all merry go round devices".

If no-one meets the auction asking price, Fortress Investments - who originally loaned 'Thriller' star Michael $300 million to pay off his debts - are likely to take possession of the 2,800 acre property and sell it though a Santa Barbara real estate broker.

Michael hasn't lived at the Neverland ranch since June 2005, when he moved to the Middle East kingdom of Bahrain.

In 2006, authorities ordered the property to be boarded up after it was revealed Michael had not paid his employees or kept up with insurance payments.

The eccentric pop star bought the property in 1987, intending to turn it into a "paradise for children".

After installing a parade of fairground rides and a zoo, which included elephants, snakes, giraffes and llamas, Michael opened up his fairytale home to children.

Michael was acquitted of sexual molestation in a harrowing court drama in 2005.

(C) BANG Media International