Michael Jackson has to pay $23m or will lose Neverland

Troubled singer Michael Jackson has been told he needs to cough up $23million to re-pay a loan, or he'll lose his Neverland ranch, according to reports.

Neverland, which Jacko has owned since 1988 has gone into foreclosure - giving the star 90 days to pay back part of the loan or lose his home.

Jackon is accused of defaulting on three mortgage payments in a row.

According to London's Metro Newspaper, Santa Barbara County has issued a notice threatening to sell Neverland to pay local property taxes and repay the bank that loaned Jackson the money.

After the 2003 police search of Neverland, Jackson decided he would no longer live at the ranch, and lived at a number of other residences including one in Beverly Hills, but returned to Neverland in late 2004. "I won't live there ever again," he said. "It's a house now. It's not a home anymore. I'll only visit." When the 2005 molestation trial came to an end, Jackson left the United States and Neverland for Bahrain.

In early 2004, Entertainment Tonight estimated Neverland to be worth approximately $12.0 million. However, the Santa Barbara County assessor's office believes it is only worth $6 million.

Michael has been given until January 19 to pay back the full loan.