So what's going to happen now with Neverland? It would have to be flogged. Here's why.

The only thing that kept Michael Jackson from bankruptcy was his half ownership of the copyrights to The Beatles catalogue. He owned them in a joint venture with record company Sony. But with his liabilities overshadowing his assets, the future looks grim.

As the Counterpunch newsletter points out, Jackson was headed towards bankruptcy. He was believed to be paying 20% debt interest on approximately $270 million in loans or roughly $54 million per year and with insufficient income, he was sinking deeper into debt.

Writing in Forbes, accountant J. Duross Bryan says Neverland was a giant liquidity drain with $5 million was being spent annually just on security and maintenance for the ranch, including a reported staff of more than 100 employees and around 50 cars.

So the future of Neverland is up in the air. Jackson held the ranch in a joint venture with Colony Capital, which helped bail him out after he defaulted on a $24.5 million loan for the property last year. And now Colony Capital isn't ruling anything out. "It's premature to talk about the future of the property," Colony Capital spokesperson Owen Blicksilver told Access Hollywood.

So what will happen to Neverland? Rolling Stone has several suggestions: turning it into a version of Graceland, a National Park and, in appalling taste, either an amusement park for kids or children's hospital.

The truth is Jackson's approach to finance was pretty similar to many American homeowners and businesses. Sucked in by cheap money, his assets including Neverland were mortgaged to the hilt and he was borrowing money from Sony as advances on future royalties. That didn't cover his interest bill let alone his spending.

So should they do with Neverland? The answer is pretty simple: just sell it off to help repay the banks and creditors.