Fox News is reporting that Michael Jackson has received a notice of pending foreclosure on a home he owns in Encino, Calif. — the home where his parents live.
"The estate, worth about $7 million in the current real-estate market, is known as Hayvenhurst because of its address. On at least one other occasion this year, Michael simply missed payments on the $2 million mortgage. … This time, according to the group from Palos Verdes, Calif., that bought Jackson’s note earlier this year, the pop star put his parents’ abode in jeopardy by not making the required monthly payments."
A property owned by Michael J. Jackson on Hayvenhurst Avenue in Encino is listed as a notice of default on RealtyTrac with a default amount of $61,803 and an estimated loan amount of $2,200,000.

This is just another example that all types of property are susceptible to foreclosure, even multimillion dollar estates. And for high-end investors, properties like this one — which is valued at more than $7 million according to Fox — can turn into bargain-buying opportunities if the owner is willing to sell during pre-foreclosure or if the property eventually is sold at public auction or repossessed by the bank.