Even Michael Jackson’s copious amounts of plastic (in his wallet, that is) can’t help him escape the credit crunch – the reclusive singer has been forced to sell his Neverland Ranch in the latest chapter of his fall from grace…
Poor old Wacko Jacko. No more late night visits from Macaulay Culkin as his infamous Neverland Ranch in the Santa Barbara hills is finally sold to help stave off the financial crisis.
Jacko had owned the 2,500 acre USA property, which boasts a fairground and a zoo, since 1987, when he bought it with the intention of turning it into a ‘paradise for children.’
A spectacular fall from grace later, during which time he faced trial on child molestation charges, (of which he was acquitted) authorities ordered the property to be boarded up in 2006.
This followed revelations that the singer had not been paying his employees or kept up with insurance payments.
Jackson nearly lost Neverland to foreclosure in May of this year, but an eleventh-hour reprieve from L.A.-based real estate company Colony Capital, which bought a £12 million loan that the Thriller artist had been unable to pay back, saved Neverland from the auction block.
The singer hasn’t lived at the Neverland ranch since June 2005, when he moved to Bahrain but swore that it would never be sold.
Earlier this year, Michael’s brother Jermaine said the singer would do everything he could to keep his home, despite having over £150 million of debts.
He said, “It’s not for sale and it never will be. Over my dead body will it be sold.â€
Er….
This week, Jacko filed a grant deed that transferred ownership of the property to the Sycamore Valley Ranch Company for £17 million, says the Santa Barbara County clerk-recorder’s office.
According to the report the company is a joint venture between Mr. Jackson and Colony Capital, the real-estate investment company owned by Tom Barrack, which purchased Mr. Jackson’s debt in May when he defaulted on a £12 million mortgage on the ranch.
Santa Barbara public records confirm Michael is no longer the owner of the ranch.
So, the moral of the story? Never say never.
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