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Michael Jackson faces financial ruin 2007-01-01

Michael Jackson is reportedly so strapped for cash he could be homeless in weeks. The eccentric singer - whose money troubles have escalated since he was cleared of child abuse earlier this year - has allegedly missed payments on his £156 million loan, which was secured against his Neverland Ranch

He's been ordered to pay them back by December 20 but, if he doesn't, the star could lose his home

He could also be forced to give up his Sony Beatles music catalogue

Sources close to the star - who is rumoured to be hooked on prescription drugs - reportedly fear he could commit suicide

One is quoted in Britain's The Sun newspaper as saying: "Jacko is in meltdown

"He has listened to the wrong people and continued his extravagant lifestyle even when his record sales slumped


" Another source said: "Unless he gets himself off the prescription drugs and takes control of his finances Michael will be homeless" Jackson has also failed to make payments on a second mortgage on the family mansion in California