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Michael Jackson Gives Away Neverland Ranch
Stop the presses — Michael Jackson has given away the now-infamous Neverland Ranch.
Jacko filed papers this week transferring the property to the Sycamore Valley Ranch Company — a company he and investor Colony Capital LLC jointly own. As for what’ll happen to the once thriving personal amusement park turned ghost town, it’s still anyone’s guess. The ranch was, however, called “Sycamore Valley Ranch” before Jackson purchased it in the late 80s.
Once it became “Neverland,” the 2,800 acre ranch was transformed into a child’s dream — roller coasters, rides, even a zoo. It was in its peak that Jackson famously opened the gates to thousands of children, leading up to his 2003 arrest on charges of molesting a 13-year-old. The Neverland Ranch has been largely abandoned and unmaintained since, and Jackson himself has not been seen in the area.
Jackson was later acquitted of the charges, but his career has never recovered. He was facing foreclosure on the Neverland property until Colony Capital bought out his loan earlier this year.
Colony Capital, according to published reports, invests in real estate ventures across the West Coast. It owns the Las Vegas Hilton and other Sin City properties.
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December 26, 2008 at 10:48 pm
[...] he’s supposedly closed a rental agreement for an estate at $100,000 per month. Since the Neverland Ranch business made ...