Michael Jackson's Neverland Ranch set for auction

Michael Jackson is in danger of losing his famed Neverland Valley Ranch in California, after it emerged late Tuesday that the property is set for the auction block to repay the pop star's debts.

Financial Title Co. has filed a notice of trustee's sale with the Santa Barbara County Superior Court and set an auction date for March 19.

According to court documents, Jackson owes the company more than $24 million US for the sprawling estate northwest of Santa Barbara. He has been given until the date of the auction to pay the debt.

The auction would also include Jackson's possessions left at the ranch, including the home's furnishings and other items on the property.

There has been no comment from Jackson.

Jackson purchased the ranch in 1988 and named it after the fantasy land in J.M. Barrie's Peter Pan. Over the years, the eccentric and reclusive star added luxury amenities such as a private zoo and an amusement park to the property.

However, he has spent little time at the ranch since his June 2005 acquittal on charges of molesting a young boy there.

In March 2006, California authorities ordered the property closed, and fined Jackson over failure to pay staff working at the ranch and maintain adequate insurance for the employees. 

After paying the overdue wages, the singer subsequently laid off the majority of the ranch's staff and largely closed down Neverland operations.

Jackson had been residing abroad in Bahrain and Ireland, but recently returned to the U.S. and has reportedly been living in the Las Vegas area.

The Grammy Award-winning entertainer, who has been the subject of several legal battles over his mounting debts, released this month a 25th- anniversary version of his blockbuster album Thriller. He is also said to be working on a new album.