Michael Jackson gives Neverland to corporation

LOS ANGELES – Michael Jackson has given up title to his Neverland ranch, transferring the deed to a company he partly controls.

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.

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

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.

Pearson said the deed did not indicate who owns Sycamore.

A listing on the California secretary of state's Web site says the company filed with the state in June. It does not identify its owners, but the company has the same Century City address as Colony Capital LLC.

Colony Capital is a Los Angeles-based real estate investment company run by billionaire Tom Barrack. It owns several properties in Las Vegas, including the Las Vegas Hilton.

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."

Jackson has struggled to pay his debts since his financial empire began to crumble following his arrest in 2003 on charges that he molested a 13-year-old boy at the ranch. He has not been seen in the Los Olivos area since a jury acquitted him of all charges, and recent aerial photos show the ranch falling into disrepair.

Bump, lol...

I didn't know Prince's former lawyer Londell McMillian was Michael's lawyer now, I remember at the 2002 Celebration Londell mentioned Michael Jackson & implied he was copying Prince cuz at the time he wanted out of his Sony contract & was calling Tommy Mottola the devil, but that Michael was being a little crazy about it.

I'll reiterate what I stated in my now defunked thread...

The fact that he partly owns the company that he "gave it up to" is most likely going to benefit him in the long run.

Michael has more money than we know, and actually... this is just good business. Why take the burden of the cost of upkeep on this ranch? Find an investor and retain the controlling interest in the "company", and share the cost. Maybe they'll make it functional again.

June7 said:

yeah randi taborelli said that michael has money that no one knows of think "cow money.


i saw this on a board a while ago this is about his song rights and income and stuff


Michael as of 1991 when Dangerous was released was making 37% of every album sold.
Then there is the actual deals per album which is unknown since Invincible, case in point Sony says he got at least 20 million up front to do the album and then Mj's 37% for the total sales as well.

miFinally Forbes magazine published the true realtionship of the value of the catalog how much he makes, etc.

The current MJ deal with Sony/ATV runs out in 2010 and also, Jackson has as reported in Time magazine quite some time ago that Sony BMG being added to the catalog could up the deal breaker for Jackson.

Ok, Michael technically owes Sony for his borrowing against MiJac catalog, so he owes them for that alone which is at least 100 millllion by now.

Plus also, Sony is the backer of Mj's loans now. 25% will go to Sony of the Sony/ATV if they have to pay the 200 million price tag.

But Sony, and Sony/ATV are trying toi prevent that from happening and have been forcing him to live on a fixed income for the last almost 2 years.

Figure this. On just MiJac he brings in around 35 million dollars. a year off of just sales. Now Sony is taking at least 15 million making Jackson save some, then put the rest towards MiJac.At the end of the year Jackson is given around 15 million even or 2 million a month. I dont remember

Now, Sony/ATV Forbes says that Jackson is gurantted 75 million dollars a year at least at this point. But court papers back in 05 revelaed that Mj makes 100 million gurantted. Now how much of that he is forced to surrender they wont tell me.

But also now Sony/ATV via Forbes own words is valued now at least at 1 billion but could be worth 8 billion by 2010. So either way Jackson wins, if he sells or stays.




on topic im glad he got "rid of it . he can use the money and he never lives in neverland anymore so

at the both of you

I was waiting til the news was goin to reach the org

bboy87 said:

I wasn't gonna post it until I saw it from the Associated Press.

I feel this is a great move It's Sycamore Valley Ranch now....that's a better name anyway

bboy87 said:

I agree. Neverland was corny. After hearing about how sad Peter Pan's story was, how could MJ call it that anyway?

So its no longer known as Neverland?

DANGEROUSx said:

NOPE!

Smart move! He gets rid of a major money drain in a way that, at least from the outside, makes it look like he made the decision voluntarily.

I've been hoping he would give that place up for years.

The company who now owns Neverland is called Sycamore Valley Ranch, but Neverland will always be Neverland!

PatrickS77 said:

Umm, if they switch the name and and change it, then it won't be Neverland.

DiamondGlove said:

Basically. Michael also still owns interest in the property.

Is Neverland an offensive, derogatory term now?

June7 said:

You're probably right. Michael may be nuts, but he's not stupid.

PANDURITO said:

In terms of how J.M. Barrie viewed it, you can say so.

Timmy84 said:

My. That was fast

oh lawd Micheal!

He may molest kids in his spare time, but the motherfucker is talented as hell.



MIKE: record, tour... record, tour... record, tour. and keep doing it until you pay your way out of debt. You may not sell 14 million albums with each pop--but if you keep putting in an honest day's work, you wouldn't be in so much debt you dork.

Imago said:

I agree with this logic to a degree...

Las Vegas offered him a deal that was hard to refuse. Something like 77 milion a year.... and he turned them down.

He wouldn't have to do much to survive. Mike will always, ALWAYS, have his fan base. Whoever has been advising him has done well...

"Mike, lay low... let this lawsuit disappear, then come back strong!"... You can just hear it.

I predict a new release in 2009 and I predict a new found love for the King of Pop that will result in millions of units sold.

P.T. Barnum said it very well back in the day... "There's a sucker born every minute!"....

Overall... we're all suckers.

I don't understand why Michael won't get out there and work! There are so many ways that he can make alot of money right now but he's become so lazy.It's ridiculous that he is losing Neverland when he's been offered several lucrative touring deals.Madonna's out there,working her ass off,touring like crazy and making outrageous amounts of money.Why can't Mike do the same?!

Hmm... probably because he doesn't want to (I know, one person will say he can't, but fuck that person)!?

DiamondGlove said:

If? They haven't done so, have they? And since Michael is a joint owner of that company I doubt they will... besides, the name Sycamore Valley has been used over the years,but still Neverland is known as Neverland and always will be!

Oh well,I guess even celebrities are affected by the foreclosure crisis in America right now.

June7 said:

:bitingbackobviousremark:

June7 said:

I guess he's content to just live off the royalties from old songs

SoulAlive said:

If the outrageous money and touring makes Madonna happy, let her do whatever she wants to do. I don´t understand why MJ should do what Madonna does.

SoulAlive said:

hahaha not the same!

Cinnie said:

Bubbles