Former King of Pop may lose Neverland Ranch

Los Angeles: Former King of Pop, Michael Jackson, will lose his Neverland Ranch if he does not pay more than $24 million that he still owes on the property, according to a court document filed Tuesday.

Neverland Ranch will be put up at a public auction next month unless the pop star is able to complete the payments. The notice of trustee's sale was filed with Santa Barbara County Superior Court by San Francisco based company, Financial Title Co.

A spokeswoman for the reclusive star did not immediately comment on the situation.

If the extensive property, complete with merry-go-round and other carnival rides, could go for an initial asking price of $24.5 million at the auction, which has been set up for March 19.

Jackson no longer occupies the infamous estate, since his 2005 acquittal on child molestation charges.