Pop superstar Michael Jackson had handed over his Neverland Ranch to a company he partly controls. Jackson handed over the deeds to Valley Ranch Co. LLC, which is a joint venture between the troubled singer and an affiliate of Colony Capital LLC.
As yet it is not known what will happen with the 2,500-acre property, but I am sure that the Neverland ranch will not remain like it is now. Michael Jackson defaulted on the property, which is reportedly worth $24.5 million.
Jackson looked as though the property would go in to foreclosure, until Colony Capital came to his aid and bailed him out earlier in the year.
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