Michael Jackson has averted a foreclosure on his beloved Neverland Ranch by striking a deal with Sycamore Valley Ranch Company LLC. A grant deed for the ranch has been filed to transfer ownership of the ranch from the pop singer to the company.
It is interesting to note that Sycamore Valley Ranch Company LLC is a joint venture between Jackson and Colony Capital LLC; and Colony is the same company that stepped in to purchase Jackson’s loan earlier this year when he was in default of $24.5 million on the property.
Jackson purchased Neverland Ranch in 1998, which was then named Sycamore Vallery Ranch, and built an amusement park and a zoo on the estate. The singer had not resided at the ranch since his June 2005 child molestation trial.