The contents of Neverland Ranch are finally heading to the auction block this April. Julien's Auctions will be auctioning off more than 2,000 of Michael Jackson's possessions April 22-25 in an eight-part mega-auction in Beverly Hills. Jackson decamped from Neverland a while ago and it has quietly been renamed Sycamore Valley Ranch. This is the first sale of his property that Michael Jackson has sanctioned. The Guardian reports that when Darren Julien and his team of auctioneers went in to assess the ranch's goods they were astounded by both the number and style of the objects they discovered. Many items are made of bronze or marble with elaborate gilding. PIeces include suits of armor, a throne, a cape, a portrait of Michael Jackson in Elizabethan dress, rhinestone gloves and socks, costumes, awards, even his Rolls Royce limo is up for sale for an estimated $140,000 - $160,000.

The Guardian has a photo gallery which shows some of the pieces for sale. Jackson has to be one of the wealthiest and most ego-driven packrats in the world. His childlike acquisitiveness manifests in his collection of video game machines, Disney art and Peter Pan memorabilia and much of it bears his image in his prime. It's an astonishing display of wealth without restraint. There's something in nearly every price point, from small rhinestone brooches to elaborate pieces of art and statuary. Given the sheer amount of objects up for grabs Jackson could stand to make quite a tidy haul. Even the signed and numbered five-volume catalog sells for $500.

Julien's Auctions will host a seven-day exhibition at 9900 Wilshire adjacent to The Beverly Hilton open to the public April 14th to April 20th. A portion of the proceeds will benefit MusiCares®, a charity of The Recording Academy®. Auction Network will also broadcast the auction live on national television and stream video of the auction online and people all around the world can bid in real time on the items up for sale.

As fires rage in the Montecito area several celebrity homes have been in danger. The LA Times reports that one of actor Christopher Llloyd's homes is involved. It is believed to be this 8.5 acre property, shown above, which was on sale last year for $11.275 million and was our estate of the day. Rob Lowe and Oprah Winfrey also have homes in the pricey town but their houses are safe. Our thoughts go out to anyone who has lost their home in this latest round of fires and to the firefighters bravely battling the blaze.

From the NY Post's Gimme Shelter:
--Justing Timberlake has gone to contract on a TriBeCa three-bedroom with a $5.25 million price tag. His new loft is in the Pearline Soap Factory condo building and has a 52-foot-long living/dining area, a gourmet kitchen with top appliances and 14 floor-to-ceiling windows.
--Braden Keil sets the price for Hugh Jakcman's deal on Perry Street at an even $21 million making it a great deal considering it was once listed at $40 million.
--Joel Klein, the chancellor of New York City schools and who has been mentioned as a candidate for secretary of Education under Barack Obama and his wife, Nicole Seligman, are about to close on the Sag Harbor home of author Harry Hurt III and chef Alison Becker for $2 million. The last asking price was $2.25 million.
--Tommy Mottola has finally sold his North Salem, New York home for $15 million. It was listed at $21 million when it was an estate of the day in 2006.

From the NY Observer's Manhattan Transfers:
--Brooke Astor's country estate in Briarcliff Manor, New York, is on the market for $12.9 million. It was our estate of the day on Friday.
--It's official Hugh Jackman has picked up the dazzling Perry Street triplex owned by Sun Microsystems co-founder Bill Joy, who paid $17.57 million for the raw space in 2002. It is believed Jackman paid between $20 and $23 million. Not too shabby considering it was listed at $40 million when it was our estate of the day last November.
--Murat Ozyegin, son of Turkish billionaire Husnu Ozyegin has paid $6.2 million for an apartment on East 66th Street.
--Dean Vanech, whose New Jersey-based Delta Power Company was acquired by Bear Stearns subsidiary Arroyo Energy early last year, bought a five-bedroom apartment at 33 East 70th on the day before the election for $14.8 million. They may still also own a high-floor apartment on Fifth Avenue, bought three years ago for $5.07 million. The co-op was bundled with its next-door neighbor, the only other apartment on the floor, which made for a $30 million listing, which can be seen at Halstead but apparently Vanech and his wife didn't need quite that much space.
--In August, a limited liability corporation controlled by Charles Yassky, a developer and real estate investor, paid $13.2 million for a 36-foot-wide red-brick mansion at 122 East 78th Street. The building, which includes two floors of offices and three floors of small apartment units, just went back on the market two weeks ago for $18.9 million, he's since dropped the price to $16.9 million, still $3.7 million more than August's sale. The listing is here.
--A full floor, nine-room, three-bedroom apartment at the Ritz-Carlton on Central Park South is listed for $35 million. It ws bought only three years ago by one of the building's developers, Christopher M. Jeffries for $16 million.He sold on July 31 for $28.5 million to an anonymous buyer who may have paid in cash. Three months and two weeks later, that buyer wants to sell for $6.5 million more. The listing is here.

From Newday's Real LI:
--Natalie Portman, who is in the process of selling her Manhattan home is currently living with her parents in Cold Spring Harbor, New York.
--A price chop for Chateau des Thons, the transplanted 17th French chateau which is in Upper Brookville, New York. It hit the market for $6.995 million in 2006, was at $5.995 million when it was an estate of the day last year, and is now listed at $4.995 million.
--Lisa Kerkorian, ex-wife of billionaire Kirk Kerkorian, is still trying to sell her home in Bridgehampton, New York. It has been on and off the market for the last couple of years, starting at $16.3 million and now listed at $7.995 million.

From Berg Properties Big Time Listings:
A five-bedroom house in Los Angeles' Toluca Lake neighborhood that Damon Wayans owned until 2006 is on track to get its fourth owner in less than 30 months, having been just listed for $4.5 million. The listing is here.
--Neda Mashouf, whose husband Manny founded the bebe women's retail chain has put her five-bedroom, solar powered house in the flats of Beverly Hills on the market for $4.7 million. The listing is here.
--A home in Los Angeles' Los Feliz area that was owned for a long time by singer Gwen Stefani has been sold by its most recent owner, TV show creator Mark Brazill, for $3.995 million. He paid $4.795 million for the home in 2007.

From the Real Estalker:
--The Richard Neutra designed Kaufmann House in Palm Springs which sold at Christie's Postwar and Contemporary Art auction in May is now back on the market because the deal fell through. It was our estate of the day on Saturday.
--More Ben Affleck and Jennifer Garner real estate news, the high-profile pair is still shopping in Brentwood. They have been spotted checking out this home which is on the market for $14.95 million.
Vicki Gunvalson from the reality show, The Real Wives of Orange County Housewives is selling a home in the
gated community of Coto de Caza that she bought for $1.65 million last year. The property was listed for a time for $1.78 million but then was taken off the market. It is now back on the market for $1.695 million.
--Toby Keith has already dropped the price on his Nashville home from $1.595 million to $1.349 million. It was an estate of the day last week.
--The Times Online is now reporting that the Toprak Mansion on The Bishops Avenue in North London, wich was purchased for a rumored £50 million was bought by Nursultan Nazarbayev, the current president of Kazakhstan.You can find a couple of pictures from when we first talked about the home in 2005 here.
--According to the Herald Sun Australian tennis star Lleyton Hewitt has put his glass and concrete contemporary casa in Adelaide's Island Point at West Lakes up for sale for an undisclosed asking price.
--According to The Real Deal,Rosie O'Donnell has closed on her $1.97 million condo at The Platinum building in New York City.
--Country singer Tanya Tucker is flipping a house in Franklin, Tennessee. It is listed at $2 million.
--Has Michael Jackson finally sold Neverland Ranch? Santa Barbara County Assessor records show that Jackson's 2,700 acre ranch was transferred to a Delaware based entity named the Sycamore Valley Ranch LLC. TMZ reports that this is a joint venture between Michael Jackson and Colony Capital, the Los Angeles based company who holds the mortgage on Neverland Ranch which will be renamed Sycamore Valley Ranch.
--Martina Navratilova has sold her Nokomis, Florida home for $2.549 million.

From the LA Times Hot Property:
--Red-hared television actor Timothy Busfield has listed his three-bedroom house in Malibu for $1.995 million.
--Former ABC President Alex Wallau recently sold his Brentwood home to country music singer Mac Davis for $4.9 million.
"Brothers and Sisters" cast member Matthew Rhys picked up a three-bedroom home in Los Angeles for $1,262,500.
--Actor Peter Wingfield has reduced the price of his Studio City home to $2.699 million from $2.995 million. The listing is here.
The Santa Monica home of the late Vivian Sheehan who pioneered speech therapy for people who stutter just sold for $2.185 million.

From the Wall Street Journal's Private Properties:
--In New York's Harlem neighborhood, a largely intact Romanesque Revival house built by circus co-founder James Bailey is on the market for the first time since 1951, with an asking price of $10 million.
--Hedge fund manager John Paulson has cut the price on his Southampton home yet again. It's now down to $13.9 million. We'll be checking this out as an estate of the day later in the week.
--A Los Angeles home that once belonged to John Barrymore is one the market. It will be our estate of the day later today.
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The date has finally been set, unless the situation drastically changes, Michael Jackson's Neverland Ranch will be sold at auction on March 19 becoming what is likely the country's most famous foreclosure. According to Fox News, Jackson received word Monday from Financial Title Company that unless he comes up with $24,525,906.61 by that date, a public auction will go forward in Santa Barbara in front of the county courthouse. The house and everything inside and around, personal property, the rides on the grounds, all of it is going.

Jackson hasn't been spotted at Neverland since June 2005. In that time he's lived in Bahrain, Ireland and Las Vegas among other pit stops on his global tour. It is assumed that Jackson will just do nothing and let the property go up for auction since he probably does not have the money even though he refinanced his $300 million loan from Fortress Investments with help from Sony Music, HSBC and Barclays Bank.

Jackson moved out of Neverland after he was acquitted of child molestation charges. He did pay around $600,000 in property taxes last month. If no one bids on Neverland then Fortress Investments will take possession of the property and will likely put it on the market through a Santa Barbara real estate agent.

UPDATE: CNN quotes a Jackson source as saying Michael is trying to work out the financing.

From the Real Estalker:
--The Desert House, the sleek and modern prototype for the deluxe prefabs created by starchitecture firm Marmol Radziner in Desert Hot Springs has been listed at $1.85 million.
--Did Scott Baio move to a five-bedroom house in Encino? The Real Estalker Mama reports that Baio and his wife, Peaches Renee Sloan, still occupy Baio's home on Royal Oak Road in Encino. It looks like the couple "bought" the new home on the show for reality drama's sake.
--Rande Gerber and Cindy Crawford are renting out a beach front four-bedroom home in Malibu for $22,500 a month.
--Rumors have been swirling that Britney Spears bought a new house in Hermosa Beach before she went into the hospital. The home in question appears to be owned by professional photographer Dani Brubaker (who recently took pictures of Britney and her children for OK Magazine) and it seems unlikely that Britney actually bought this home.
--Has billionaire Ron Burkle helped Michael Jackson save Neverland Ranch? Roger Friedman at Fox News has reported that Burkle might have intervened of Jackson's behalf to provide an extension to give Jackson time to refinance.
--Jennifer Aniston has moved out of the Malibu cottage she's been renting since 2005.
--Jermaine Dupri has listed a five-bedroom home in Atlanta, Georgia for $1.5 million. The listing is here.
--Melrose Place actor Grant Show has listed his three-bedroom house in the Beachwood Canyon for $1,995,000. The listing is here.
--Singer Dido has listed her house in the prestigious Bird Streets area of Los Angeles for $4.6 million. The listing is here.

From the Wall Street Journal's Private Properties:
--A Parisian home that once belonged to Impressionist painter Pierre-Auguste Renoir is on the market. It is out estate of the day later today.
--NBA point guard Baron Davis of the Golden State Warriors has sold a pair of adjacent condos in West Hollywood for $2.66 million.
--Investment banker Warren Woo has paid $20 million for a house in Los Angeles, plus $2 million more for furnishings.

From the NY Observer's Manhattan Transfers:
--A two-floor penthouse at 530 East 72nd Street which was lived in by Frank Sinatra and Mia Farrow and then by Andy Warhol's physician, Denton S. Cox is on the market for $5,995,000 and it's a real fixer-upper. The listing is here.
--Ex-F.B.I. Special Agent Ali Soufan, who now works for Guiliani Partners, and his wife just paid $1.7 million for a new Manhattan apartment.
--Stephen Drucker, House Beautiful's editor, and real estate agent Frank Newbold closed this month on a two-bedroom co-op at 125 East 74th Street for $1.45 million.
--Parker Posey, who late last year listed her apartment in an 1845 brownstone on East 10th Street near Third Avenue for $1.175 million, is in contract to buy a $1.35 million one-bedroom co-op at 30 Fifth Avenue.
--Salman Rushdie's ex-wife, 37-year-old Padma Lakshmi, the model-turned-Top Chef hostess paid $1,651,111 for a long, full-floor loft in Alphabet City.

From Berg Properties Big Time Listings:
--Wilmer Valderrama has sold a home in Tarzana for $1,750,000 after it had been listed for $2,250,000 and later reduced to $1,950,000.
--Rupert Murdoch has taken $2,000,000 off the asking price of his Long Island, N.Y. mansion, Rosehearty, reducing its listing price from $14,800,000 to $12,800,000. It was our estate of the day back in July.

From the NY Post's Gimme Shelter:
--A new record residential price has been set for the North Fork of Long Island. A 135-acre estate that includes a 19-acre vineyard has been sold for $19.5 million. The original asking price for Indian Neck Farm was $22 million when it went on the market in 2006.
--Edgar Bronfman Jr. and his wife, Clarissa, finally have taken possession of their 11-room co-op at 1040 Fifth Ave.
--Author and interior decorator Regina "Gigi" Mahon has paid just over $14 million for two condo apartments on the fifth floor at the soon to be completed Plaza.
--Polo-playing communications mogul Adam Lindemann has found a new oceanfront Hamptons hideaway in Montauk for $21.5 million.

From the LA Times Hot Property:
--Keith Yamashita, a high-powered business consultant, has listed his contemporary Manhattan Beach home at $3.449 million because he and his partner, Todd Holcomb, are planning to return to San Francisco, where their 10-year-old company, Stone Yamashita Partners, is based. The listing is here.

From AOL Real Estate:
--A list of America's richest counties.

We've been hearing rumors about this for a while but now it's official, Michael Jackson's Neverland Ranch is in foreclosure. The Implode-O-Meter has the November 5th, 2007 Foreclosure Detail Report for Santa Barbara county which shows that as of October 12, the King of Pop owes $23,212,963 on a $23,000,000 loan. Since his trial, Jackson has spent almost no time at the home, instead staying in hotels and rented homes around the world. It's unclear whether he can't pay the bill at this time, or just won't.

Jackson isn't the first celeb to face foreclosure, it's happened to Whitney Houston, Michael Madsen, Don Johnson and Courtney Love. This, however, is far and away the largest debt we've seen.



[via TMZ]

People magazine is reporting that Michael Jackson has closed the house at  Neverland Ranch in California and sent some of the employees home for good. Jackson, who has been hiding out in Bahrain since last year, owes hundred of thousands in back wages to Neverland employees. He has agreed to pay the money as well as penalties. It seem like it's only a matter of time before the house ends up on the market.