Michael Jackson Has Secretly Sold His Neverland Ranch For $35 million

The scandal-plagued superstar is so wracked by financial troubles he can no longer afford to keep his fantasy estate, according to a published report in the National Enquirer. Michael Jackson has secretly sold his Neverland Ranch for $35 million, The National Enquirer is reporting. The scandal-plagued superstar is so wracked by financial troubles he can no longer afford to keep his trademark fantasy estate in Los Olivos, near Santa Barbara, California. The online version of the tabloid says that Jackson, 46, has accepted an offer from a mystery buyer and the property has gone into escrow. If there are no hitches with the sale, the embattled singer will be out of the home he has owned since 1988 in less than 90 days. Sources say Jackson still has a $16 million mortgage on the property -- where the alleged child abuse at the center of his court case is said to have taken place. The alleged molestation of a 13-year-old boy is said to have happened in Jackson's bedroom at the mansion. Sources say Jacko is pouring so much of his resources into his legal case he needed to sell Neverland, which is thought to cost about $3 million a year to maintain. "It hasn't felt like his home since the police raided," said a source. "When the trial is over he will move out the same day, one way or the other. He will never live there again."