JohnCenaFan28
11-14-2008, 08:14 PM
Pop star Michael Jackson has lost ownership of his Neverland ranch in California after transferring the deeds to a company he has a share in.
Earlier this week, Jackson, 50, filed legal papers making the Sycamore Valley Ranch Company the new owner.
The company is linked to investment firm Colony Capital, which bailed the singer out in March when he owed $24.5m (£16m) on the property.
When it bought the debt, Neverland was a week away from being auctioned off.
The refinancing deal had meant that Jackson could keep the sprawling property.
Jackson, whose huge catalogue of hit records includes Billie Jean, Thriller and Man in the Mirror, has not lived at Neverland since he was acquitted of child molestation charges in 2005.
Fantasy land
It is not clear what will now happen to the property, which he bought in 1987.
The property, which Jackson aimed to turn into a fantasy land, is named after an island in the story Peter Pan, where children never grow up.
He built a zoo and fairground on the 2,800 acre (1,100 hectare) property which is north west of Santa Barbara.
It was closed in 2006 after Jackson failed to pay his staff or maintain proper insurance.
-BBC News
Earlier this week, Jackson, 50, filed legal papers making the Sycamore Valley Ranch Company the new owner.
The company is linked to investment firm Colony Capital, which bailed the singer out in March when he owed $24.5m (£16m) on the property.
When it bought the debt, Neverland was a week away from being auctioned off.
The refinancing deal had meant that Jackson could keep the sprawling property.
Jackson, whose huge catalogue of hit records includes Billie Jean, Thriller and Man in the Mirror, has not lived at Neverland since he was acquitted of child molestation charges in 2005.
Fantasy land
It is not clear what will now happen to the property, which he bought in 1987.
The property, which Jackson aimed to turn into a fantasy land, is named after an island in the story Peter Pan, where children never grow up.
He built a zoo and fairground on the 2,800 acre (1,100 hectare) property which is north west of Santa Barbara.
It was closed in 2006 after Jackson failed to pay his staff or maintain proper insurance.
-BBC News