Michael Jackson has given his Neverland ranch to a company he has partial control over. Jackson signed over the deed to Sycamore Valley Ranch Co. LLC according to Santa Barbara County clerk-recorder Tom Pearson.
Sycamore Valley Ranch Co. is a joint venture between Colony Capital LLC and Jackson. It is not known what will happen now with the 2,500 acre ranch that has an amusement park on it. The property is located 120 miles northwest of Los Angeles.
Earlier this year Colony Capital bailed Jackson out when it looked like he would lose the ranch to foreclosure. Colony Capital is run by billionaire Tom Barrack. The company also owns the Las Vegas Hilton.
Thousands of children have played on the ranch since 1988 when Jackson purchased the property. Jackson added a miniature amusement park that includes a zoo, Ferris wheel, roller coaster and other rides. He named it Neverland Ranch after the land that Peter Pan lived in.
Jackson has struggled to pay for the $24.5 million loan he has on the ranch since he was arrested on molestation charges in 2003. Jackson was not convicted of that crime. He no longer lives on the property.