Neverland Ranch Sold
MICHAEL JACKSON's Neverland Ranch has been sold to an investment firm whose bosses will rename the property in a joint venture with the pop star, according to new reports.
Jackson prevented a foreclosure sale of the California estate when New York-based private equity group Colony Capital agreed to take over his $24.5 million (GBP16.1million) debt on the property in May (08).
According to Santa Barbara records, the title to Neverland was transferred on Monday (10Nov08) to a company called Sycamore Valley Ranch Company LLC.
Sycamore is a joint venture between Jackson and a division of Colony Capital - owner of numerous Las Vegas properties including Red Rock Country Club and the Las Vegas Hilton.
The sale has fuelled reports Jackson has signed on to perform his own headlining show in the city.
According to website TMZ.com, the property will be renamed Sycamore Valley Ranch in effort to revamp its image, tinged by the negative press surrounding Jackson's child molestation trial, which ended in his acquittal in 2005.