Jacko dispels money trouble rumours in fancy hotel

23/12/2008

Despite reports that Michael Jackson has had to sell of the wrought iron gates marking the entrance to his Neverland ranch, the pop star is reportedly still able to fork out $100,000 (£67,500) a month on a rented mansion in LA.

According to the Daily Mail, the 50-year-old star has dashed rumours that he is facing bankruptcy and foreclosure by taking a tenancy at a $38 million mansion in the exclusive Bel Air neighbourhood in Los Angeles.

Reports that the star had been forced to put his gates up for sale emerged last month as speculation continued about the prospect of the star being plunged into bankruptcy.

The Daily Mail reports that despite still raking in royalties from his back catalogue, years spent out of the studio have severely limited his ability to generate the cash necessary to pursue his lavish lifestyle.

The King of Pop no longer lives at Neverland Ranch, having moved out after his 2005 court case.