One hefty debt amounting to nearly $25 million that Michael Jackson has got on his hands could well take the singer’s famous Neverland home off his hands.

FoxNews was first to report that Michael Jackson faces losing his famed Neverland Ranch in California unless he pays a balance estimated at $24.5 million. If he fails to do so, the 2,800-acre ranch will be foreclosed and sold at a public auction on March 19, according to court papers filed Tuesday.

FoxNews.com celebrity columnist Roger Friedman reported on the website (www.foxnews.com) that Jackson has been formally apprised of the foreclosure and that legal documents have been filed with the Santa Barbara County Recorder's office.

“You are in default of a deed of trust .... Unless you take action to protect your property it may be sold at a public sale,” the documents read filed by Financial Title Co. Tuesday read.

Julie Wagner, a manager at the San Francisco-based title company, confirmed to the Associated Press that Jackson’s property was set for auction.

The 49-year-old singer has owned Neverland since 1988; the name is inspired from J. M. Barrie’s Peter Pan stories, which tell of a magical island where children never grow up. The property includes a zoo and amusement park, complete with merry-go-round and other carnival rides, as well as statues of Peter Pan characters.

The King of Pop has spent little time at Neverland over the past couple of years, ever since his acquittal in 2005 on charges of child molestation. Reuters reports that there have been problems with the ranch before, specifically in 2006, when state authorities ordered the property shuttered and fined Jackson for failing to pay his employees or maintain proper insurance.

The father of three is reportedly trying to make a comeback in the music industry. Earlier this month, Sony-BMG released a special extended edition of the historical 1982 album “Thriller,” celebrating its 25th anniversary.

The anniversary edition sold 166,000 during its first week, Billboard.com reported, placing No. 1 on the Top Pop Catalog Albums chart. It featured all the original tracks, revamped by the likes of Akon, Kanye West, Fergie and will.i.am.