Jackson's Neverland Ranch Sold to Corporation

Singer Michael Jackson turned his beloved Neverland Ranch over to a corporation, but one that he partly controls.

According to the Associated Press, "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."

Reuters Canada added that Jackson averted a foreclosure sale on Neverland in May when Colony Capital bought the loan from a New York-based private equity and hedge fund group. The Neverland Ranch is located in Santa Barbara County and contains a zoo, theme park, Ferris wheel, merry-go-round, a super slide and bumper cars. Colony Capital, a division of Sycamore, also owns the Las Vegas Hilton.

Due to Jackson's acquittal on child molestation charges back in June 2005, he has spent precious little time at Neverland, where it was said the molestations had taken place. Since then, Jackson, who was one of the biggest and most popular U.S. pop stars of the 1980s, has remained reclusive the past few years.