Michael Jackson

Music legend, MJ has reportedly handed over the title of the infamous Neverland Ranch to a company made up of himself and the firm that holds his loan on the property. Michael Jackson filed the grant deed on the ranch this Thursday. The new ownership goes to Sycamore Valley Ranch Company LLC. Jackson’s 2,700-acre ranch in Santa Barbara County, California will be held in joint venture between Jackson, 50, and Colony Capital LLC.

The company has a loan of about $24 million on the property. Property records suggest a grant deed and the estimated joint venture loan that is to be meted out in future. Since his June 2005 ordeal (trial and acquittal of child molestation charges) Jackson has rarely spent time at Neverland. MJ as known lovingly, is one of the biggest achievers and one of the biggest U.S. pop stars of the 1980s, has lived a reclusive life in recent years.

Neverland’s changing of hands means a change in its once famous private zoo and amusement park that Jackson built on the property. But a source has revealed : “Colony and Michael Jackson intend to pursue a multitude of joint business interests together,” the source said…”

Tags: Michael Jackson
Posted in deals, gossip, handovers, legal, legal proceedings, property | Comments (0)