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Jackson Loses Neverland

Nov. 13 2008, Published 1:03 p.m. ET

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Entrance to Neverland Rand - Angels by 'fans' Ever since Michael Jackson was arrested for allegedly molesting a 13-year-old boy at his Neverland ranch, he's been fighting to pay his debts. In fact, since he was acquitted he hasn't been sighted in the Los Olivos area, and the fabled ranch with its zoo and amusement park rides has been sorely neglected.

As a result, Jackson has finally relinquished title to the ranch, giving the deed to a company called Sycamore Valley Ranch Co. LLC.

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The Neverland property was actually called Sycamore Valley Ranch before Jackson purchased it in 1988 and transformed it. According to one insider, the company is a joint venture between Jackson and an affiliate of Colony Capital LLC.

However, the insider was tight-lipped about the future of the 2,500-acre property. Jackson still is not seen there and though it may one day be sold, the economic climate is not conducive to that at present.

Our favorite line about Neverland is still from David Letterman who called it "maybe once or twice land."

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