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Burglars rummaged through the pop star's $4.3-million home in Hampstead, north London, and made off with $140,000 worth of paintings, jewelry and clothing, including items given to Michael by his late mother, the News of the World tabloid reported.
One of the thieves drove away in Michael's Aston Martin, the paper said.
Scotland Yard declined to confirm the victim's identity, but said they received a call about a stolen vehicle on Wednesday morning. Officers then went to a home in Hampstead and found it had been the scene of a burglary, a police spokesman said.
Police were still awaiting a statement from the victim and had made no arrests, he added.
The News of the World said the burglary happened Feb. 9 and was reported to police on Wednesday.
The newspaper said Michael, who rarely uses his London home, was in Los Angeles at the time.