Times Online UK November 13, 2008 Michael Jackson finally forced to give up deeds to Neverland Hannah Strange
The fallen superstar Michael Jackson has been forced to give up the deeds to his Neverland ranch, the latest downturn in the fortunes of the reclusive singer, who has barely been seen in public since his acquittal on child abuse charges almost three years ago. Mr Jackson filed a grant deed on Monday that transfers ownership of the ranch to a company called the Sycamore Valley Ranch Co LLC, Tom Pearson of the Santa Barbara County clerk-recorder’s office said. The company is a joint venture between the singer and an affiliate of Colony Capital LLC, according to person with knowledge of the transaction who spoke on condition of anonymity. The person could not say what would become of the 2,500-acre (1,012-hectare) property located in the tranquil, oak-studded hills of Santa Barbara County’s wine country, 120 miles northwest of Los Angeles. Mr Jackson had gone into default on the $24.5 million he owes on the property, and had faced foreclosure before Colony Capital, a real estate investment company run by billionaire Thomas Barrack, bailed him out earlier this year by purchasing his loan. Mr Pearson said the deed did not indicate who owns Sycamore. A listing on the California secretary of state’s website says the Sycamore Valley Ranch Co 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, which owns several properties in Las Vegas, including the Las Vegas Hilton. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "World News Now Discussion List" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/wnndl?hl=en -~----------~----~----~----~------~----~------~--~---
