Michael Jackson ends Neverland adventure
Michael Jackson's Neverland adventure is over.
After facing foreclosure earlier in the year, he has turned title of Neverland Ranch to Sycamore Valley Ranch Co. It apparently will be renamed the Sycamore Valley Ranch, it's original name before Jackson bought it in 1988.
Faded pop star Michael Jackson has further distanced himself from his former California home, Neverland Ranch.
The singer gave up the title to the Santa Barbara County estate, transferring it to a firm called Sycamore Valley Ranch Co. — a joint venture between Jackson and an affiliate of Colony Capital LLC, the firm that helped bail him out at the last minute earlier this year.
In February, Financial Title Co. scheduled an auction of the sprawling property — including all of Jackson's possessions still on site — after the singer failed to pay a more than $24-million US debt he owed. In May, Colony Capital, a Los Angeles-based real estate investment company, purchased Jackson's loan just prior to the auction.
Colony Capital is a Los Angeles based real estate investment company, run by Billionaire Tom Barrack, which owns several properties in Las Vegas, including the Las Vegas Hilton. The buzz in Vegas is that Michael, as part of the deal, would be performing at the Hilton there.