March 18, 2006 03:24:03 GMT
Michael Jackson has shuttered up his prize estate, the Neverland Ranch estate, and laid off most of the staff
The King of Pop goes bankrupt? Well at least his act of closing the house on his Neverland Ranch and dismissed some of the staff there can be considered as an indication that Michael Jackson indeed is going bankrupt.
Officially, Neverland is not closed. But it's not exactly wide open, either. Explaining on the fact, Jackson rep Rayone K. Bain said in a statement late Thursday "It is public knowledge that Mr. Jackson currently resides in the Middle Eastern country of Bahrain. He therefore decided to close his house and reduce his work force."
As of everybody to know, the closing of the house came a day after Jackson agreed to pay hundreds of thousands of dollars in back wages owed to employees at his Neverland ranch, in payments to be distributed Thursday.