Michael Jackson’s piss-poor finances have caused him to hand Neverland Ranch over to a real estate company that saved him from foreclosure. Michael does own a partial share of the company but has basically abandoned the amusement park since 2003, according to the AP:
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.
I doubt they can reopen the park to the public unless they get rid of the hand-painted “No Pants Allowed” sign in front of the Ferris wheel. That said, Michael Jackson has always had a special place in his heart for children but must now lure them in with simple promises of candy, or depending on his budget restraints, the pan flute.