Michael Jackson built his Neverland ranch as a place were he would never have to grow up, so he could live the childhood he never had for the rest of his life.
But finally the singer has had to give that dream up in the face of the very grown-up problem of massive debt, and hand his home over to a real estate corporation.
According to NYTimes.com, the Thriller star nearly defaulted on the $24.5 million loan he took out on the ranch in Santa Barbara County, Calif. earlier this year — and was only saved because a company called Colony Capital bought up the debt.
Now Michael has signed the house and grounds over to a Colony affiliate called Sycamore Valley Ranch Co..
But things aren’t that straight forwards (when are they ever with Jacko?).
It seems that Michael part owns Sycamore. So he’s kind given the ranch, with its its famous theme park and zoo… to himself.
According to locals, the superstar is no longer seen in the area, and that the property has begun to fall into disrepair.
Only Michael Jackson could make real estate dealings so mindbogglingly bizarre.