It's Dec. 20, 2005, a day that Michael Jackson thought would never come. Nevertheless, it's here, and things are worse than he can imagine.

 

Jackson, I can tell you exclusively, is now in default on a $2.2 million loan which he secured last April with his family's estate in Encino, Calif. The loan was arranged through a mortgage broker by grocery magnate Ron Burkle, and not paid by Burkle himself.

 

Indeed, Burkle does not even know the dozen or so people who put up the money, and they don't know him. The leader of the group is Thomas W. Smotrich, a Southern California philanthropist who made his money in commercial real estate.

 

Yesterday, I was told that Jackson missed his December payment, which had a grace period up until the 10th of the month. For the moment, Smotrich and his group will not foreclose, but the option is theirs should they change their minds.

 

The Encino home is not part of the $270 million worth of loans held by Fortress Investments and which come due today. Luckily, Jackson's mother, Katherine, will have a roof over her head anyway. Daughter Janet has bought her a home in Las Vegas, sources say.

 

What remains to be determined is what will happen to all the other people who live in Hayvenhurst, including Jermaine Jackson and some of his children.

 

Meanwhile, the Jackson situation remains dire today, with no one in direct contact with the singer as his deadline has come and gone. It's amazing to think we've finally arrived at this day considering how much money Michael has made, and how much he's spent on absolute junk.

 

What certainly astounds the many ?insiders"? and ?sources"? who are quoted in this column and have, at different times, endeavored to save Jackson from himself, is his total divorce from reality at this point.

 

What happens next is anyone's guess, but this much we can surmise: it won't be pretty.

 

Source: Roger Friedman / Fox

On a scale of about 1 to 100,just how accurate is this information?

On a scale of about 1 to 100,just how accurate is this information?

 

well this article was written by Roger Friedman.

he was accurate enough for MJJsource to post many of his articles. I'd say what he reports is very accurate because he is one of the few journalist who report things how they are. He even reported that Michael probably didnt molest that kid (reported that before and during the trial)

so thats how accurate. he is what you'd call a real "journalist"

I heard of this before. I think he should just let the house go. It's not like the parents would be out on the street or anything. Michael could just have his parents room with him. Anyway I also think he should sell Neverland and start over with his life. It would help I think.

I heard of this before. I think he should just let the house go. It's not like the parents would be out on the street or anything. Michael could just have his parents room with him. Anyway I also think he should sell Neverland and start over with his life. It would help I think.

 

yeah but his parents are super old now. they lived in that house for a long time now and it might be too big of a change for them.