Michael Jackson loses Neverland Ranch

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Michael Jackson loses Neverland Ranch

Post by Lou on Fri Nov 14, 2008 8:02 am

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.

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.

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Re: Michael Jackson loses Neverland Ranch

Post by HiJo on Fri Nov 14, 2008 8:21 am

I wonder who would buy a place like that? It's forever linked with Michael Jackson's creepy "love" for children.
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Re: Michael Jackson loses Neverland Ranch

Post by Lou on Fri Nov 14, 2008 9:18 am

I certainly wouldnt, no matter how much money I had.

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Re: Michael Jackson loses Neverland Ranch

Post by louastra on Tue Dec 30, 2008 1:17 am

I was wondering a while back what happened to him.
I wouldn`t want set foot any where near that place.
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