Michael Jackson has handed over the keys to his infamous Neverland Ranch. The singer filed a grant deed on the ranch Monday that makes the new owner an entity called the Sycamore Valley Ranch Co. LLC, Tom Pearson of the Santa Barbara County clerk-recorder’s office said Wednesday. Sycamore Valley Ranch Co. is a joint venture between Jackson and an affiliate of Colony Capital LLC, according to a person with knowledge of the transaction who was not authorized to speak on the record and requested anonymity.The person could not say what would become of the 2,500-acre property in the bucolic, oak-studded hills of Santa Barbara County’s wine country, 120 miles northwest of Los Angeles. Jackson had gone into default on the $24.5 million he owes on the property and had faced foreclosure before Colony Capital bailed him out earlier this year by purchasing his loan. The property was called Sycamore Valley Ranch before Jackson bought it in 1988 and began turning it into a miniature amusement park with a zoo, Ferris wheel, roller coaster and other rides. At the height of his popularity, the superstar invited thousands of children to play on the grounds. He renamed the ranch after the mythical land of Peter Pan and set about creating the magical childhood experiences he said his career as a child star had denied him. “It’s like stepping into Oz,” he once said of Neverland. “Once you come in the gates, the outside world does not exist.” SRC: AP
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