Pop superstar Michael Jackson has lost ownership of his Neverland ranch in California, after filing legal papers to make the Sycamore Valley Ranch Company the new owner.
The company os one that Jackson owns a substantial share of. Sycamore Valley Ranch Company is linked to Colony Capital, the investment firm which bailed the singer out in March of this year. The firm bought debt form Jackson at a point when the ranch looked as if t could be auctioned of the highest bidder.
Jackson bought the massive property in 1987, but has not lived there since he was acquitted of child molestation charges in 2005. The ranch was designed to be a fantasy land, named after the island in the iconic ‘Peter Pan’ stories. The singer built a zoo and fairground on the 2,800 acre estate.
But things have gone sour, with the ranch closing in 2006 after Jackson failed to pay staff or insurance.
Michael Jackson has lost ownership of his Neverland ranch.
