Update: Michael Jackson ‘Will Not Lose Neverland’ Says Rep

Michael Jackson is not losing his Neverland Ranch, according to reports. A day after a notice of default was made public, his spokeswoman said he was never in default on the loan. Jackson’s former advisers refinanced the loan in 2006, spokeswoman Raymone K. Bain said in a statement. The loan matured last month, and now he’s refinancing again. “Mr. Jackson is in the final stages of refinance and will not lose Neverland Valley Ranch,” Bain said. A notice from a San Francisco title default company suggested that Jackson’s ownership of the ranch could be at risk. Posted on the Web site of KSBY-TV, the notice from Alliance Default Services said that as of Oct. 12 Jackson, owed $23,212,963 on a $23 million loan. The singer no longer lives at the 2,500-acre spread in Los Olivos, a popular tourist spot northwest of Santa Barbara known for its wineries.

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