Thursday, November 13, 2008

Cash-crunched Michael Jackson gives Neverland to a corporation

LOS OLIVOS, Calif. - Michael Jackson has given up title to his Neverland ranch in California, transferring the deed to a company he partly controls.

The singer has filed a grant deed on the ranch 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 says Sycamore Valley Ranch is a joint venture between Jackson and an affiliate of Colony Capital LLC.

A person with knowledge of the transaction was unable to say what would become of the 1,000-hectare property in the bucolic, oak-studded hills of Santa Barbara County's wine country.

It's about 200 kilometres northwest of Los Angeles.

A call to an attorney for Jackson, L. Londell McMillan, was not immediately returned.

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