EXCLUSIVE: Jackson “Family Home” Is Upside Down
Jun. 29 2009, Published 5:53 a.m. ET
The so-called Jackson “Family Home” is in the same sort of financial mess as the rest of Michael’s estate. The Encino, CA property, was actually owned by Michael, not his parents. The singer refinanced the place several times in the last decade, almost lost it to foreclosure for non-payment on a mortgage in 2006 and in 2007 came within a hair of seeing it sold off because of unpaid property taxes.
The 10,476 sq. ft. French Provincial-style home has five bedrooms and seven baths and sits on just over an acre.
Property records obtained by RadarOnline.com indicate that the compound now has a $4 million mortgage. It was assessed in 2007 at just under $2.8 million.
Michael’s three children are currently staying in the home with their grandmother Katherine.