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Coordinates: 34°44′43.516″N 120°5′17.750″W / 34.74542111°N 120.08826389°W / 34.74542111; -120.08826389
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On November 11, 2008 Jackson transferred the title to Sycamore Valley Ranch Company LLC, and neighbors reported immediate activity on the property including removal of the amusement rides.<ref>"Neverland Never More,"
On November 11, 2008 Jackson transferred the title to Sycamore Valley Ranch Company LLC, and neighbors reported immediate activity on the property including removal of the amusement rides.<ref>"Neverland Never More,"
by William Etling, EdHat.com local news http://www.edhat.com/site/tidbit.cfm?id=2752</ref> Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a [[joint venture]] between Jackson (represented by McMillan) and an affiliate of [[Colony Capital]] LLC (an investment company run by billionaire Tom Barrack).<ref>[http://www.taletela.com/news/775/michael-jacksons-neverland-ranch-is-sold,Michael Jackson's Neverland ranch is sold]</ref><ref>[http://www.tmz.com/2008/11/12/neverland-may-be-jackos-ticket-to-vegas/ tmz.com, Neverland May Be Jacko's Ticket to Vegas]</ref><ref>[http://ukpress.google.com/article/ALeqM5h88TcEC8zCjFsjTO6G5UKwOV0bOQ ukpress.google.com, Jacko gives up Neverland ranch deed]</ref><ref>[http://news.yahoo.com/s/ap/20081113/ap_en_ot/michael_jackson news.yahoo.com, Michael Jackson gives Neverland to corporation]</ref><ref>http://www.forbes.com/2009/04/14/michael-jackson-auction-lifestyle-collecting-michael-jackson.html</ref> The [[Santa Barbara County]] Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.<ref>[http://www.eonline.com/uberblog/b68573_michael_jackson_lets_neverland_fly_away.html eonline.com, Michael Jackson Lets Neverland Fly Away]</ref><ref>[http://www.smh.com.au/news/entertainment/people/neverland-peters-out-for-pops-peter-pan/2008/11/13/1226318822205.html www.smh.com.au, Neverland peters out for pop's Peter Pan]</ref>
by William Etling, EdHat.com local news http://www.edhat.com/site/tidbit.cfm?id=2752</ref> Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a [[joint venture]] between Jackson (represented by McMillan) and an affiliate of [[Colony Capital]] LLC (an investment company run by billionaire [[Tom Barrack]]).<ref>[http://www.taletela.com/news/775/michael-jacksons-neverland-ranch-is-sold,Michael Jackson's Neverland ranch is sold]</ref><ref>[http://www.tmz.com/2008/11/12/neverland-may-be-jackos-ticket-to-vegas/ tmz.com, Neverland May Be Jacko's Ticket to Vegas]</ref><ref>[http://ukpress.google.com/article/ALeqM5h88TcEC8zCjFsjTO6G5UKwOV0bOQ ukpress.google.com, Jacko gives up Neverland ranch deed]</ref><ref>[http://news.yahoo.com/s/ap/20081113/ap_en_ot/michael_jackson news.yahoo.com, Michael Jackson gives Neverland to corporation]</ref><ref>http://www.forbes.com/2009/04/14/michael-jackson-auction-lifestyle-collecting-michael-jackson.html</ref> The [[Santa Barbara County]] Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.<ref>[http://www.eonline.com/uberblog/b68573_michael_jackson_lets_neverland_fly_away.html eonline.com, Michael Jackson Lets Neverland Fly Away]</ref><ref>[http://www.smh.com.au/news/entertainment/people/neverland-peters-out-for-pops-peter-pan/2008/11/13/1226318822205.html www.smh.com.au, Neverland peters out for pop's Peter Pan]</ref>


==Death of Michael Jackson==
==Death of Michael Jackson==

Revision as of 03:50, 2 July 2009

34°44′43.516″N 120°5′17.750″W / 34.74542111°N 120.08826389°W / 34.74542111; -120.08826389

Aerial view of rides, August 2008

Neverland Valley Ranch is a developed property in Santa Barbara County, California, most famous for being the former home of American pop musician Michael Jackson. It is named after Neverland, the fantasy island in the story of Peter Pan, who never grows up.

The ranch is located about five miles (8 km) north of unincorporated Los Olivos, and about eight miles (13 km) north of the town of Santa Ynez. The property covers an area of over 2,800 acres (11 km2).[1] The area surrounding Neverland previously consisted of working ranches. Today, the area is made up of vineyards.

Michael Jackson residence

The southern area of Neverland Ranch

Jackson purchased the property from golf course entrepreneur William Bone in 1988[2] for $30 million.[3] It operated as Jackson's home and private amusement park, and contained, among other things, a zoo and a theme park, with two railroads (one 36" gauge with a steam locomotive (Crown 4-4-0, built 1973, with 4 coaches) and a 24" gauge amusement ride-type, a ferris wheel, carousel, zipper, spider, sea dragon, wave swinger, super slide, dragon wagon kiddie roller coaster and bumper cars. [citation needed]

Jackson hosted a number of children and their families at the facility during his residency there, a practice which came under scrutiny when Jackson was accused of sexual misconduct with minors, first in 1993 and again in 2003.

Jackson said in 2005 that he would not return to the property, saying he no longer considered the ranch a home, feeling the 70 police officers had "violated" it in their searches.[4] In 2006 the facilities were closed and most of the staff dismissed, with a spokesperson stating that this was a reflection of the fact that Jackson no longer lived there.[5]

Financial status

In early 2004, news program Entertainment Tonight estimated Neverland Ranch to be valued at approximately $120 million. The Santa Barbara County assessor's office has assessed its value at $96 million for tax purposes.[citation needed] Forbes estimates the ranch may be worth significantly more than that.[citation needed]

Foreclosure proceedings commenced against Neverland Ranch on October 22, 2007.[6][7] However, a spokeswoman for Jackson said that the loan was merely being refinanced.[8]

On February 25, 2008, Jackson received word from Financial Title Company, the trustee, that unless he paid off $24,525,906.61 by March 19, a public auction would go forward of the land, buildings, and other items such as the rides, trains, and art.[9][10] On March 13, 2008, Jackson's lawyer L. Londell McMillan announced that a private agreement had been reached with the private investment group, Fortress Investment, to save Jackson's ownership of the ranch.[11] Before the agreement, Jackson owed three months' arrears on the property.[11] McMillan did not reveal the details of the deal.

On May 12, 2008, a foreclosure auction for the ranch was canceled after an investment company, Colony Capital LLC, purchased the loan, which was in default.[12] In a press release, Jackson stated, "I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."[13][14]

On November 11, 2008 Jackson transferred the title to Sycamore Valley Ranch Company LLC, and neighbors reported immediate activity on the property including removal of the amusement rides.[15] Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a joint venture between Jackson (represented by McMillan) and an affiliate of Colony Capital LLC (an investment company run by billionaire Tom Barrack).[16][17][18][19][20] The Santa Barbara County Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.[21][22]

Death of Michael Jackson

Following Jackson's death, press reports during June 28-29, 2009 claimed that his family intended to bury him at the Neverland Ranch, eventually turning it into a place of pilgrimage for his fans, similar to how Graceland has become a destination for fans of Elvis Presley.[23][24][25] However, the singer's father Joseph Jackson later denied the reports.[26][27] Construction equipment and gardeners entered the grounds on July 1, prompting speculation that an event related to Jackson's death would take place there, but local officials stated that a burial there would not be lawful, and local roads could not accommodate a public memorial service.[28]

References

  1. ^ "Dispute shuts down Jackson ranch". BBC News. 2006-03-10. Retrieved 2007-03-03.
  2. ^ Soriano, Cesar G (2003-11-24). "At Neverland, they believe". USA Today.
  3. ^ "Vegas Hosting Big Jackson Family Auction". The Associated Press. Fox News. 2007-05-29.
  4. ^ http://www.dailymail.co.uk/tvshowbiz/article-1100646/Michael-Jackson-silences-rumours-money-trouble-renting-100-000-month-mansion.html
  5. ^ Ryan, Joal (2006-03-17). "King of Pop Downsizes Kingdom". E! News. Retrieved 2007-03-03.
  6. ^ "Neverland in Foreclosure?". TMZ.com. 2007-11-06. Retrieved 2007-11-07.
  7. ^ "Foreclosure Detail Report" (PDF). Retrieved 2007-11-07.
  8. ^ "Jackson 'will not lose Neverland'". BBC News. 2007-11-10. Retrieved 2007-11-10.
  9. ^ Notice of Trustee's Sale, Santa Barbara County Recorder via Fox News Record no. 2008-0010131, February 25, 2008
  10. ^ "Neverland Ranch Set for Auction". Associated Press. Forbes. 2008-02-26.
  11. ^ a b "Michael Jackson 'saves Neverland'". BBC News. 2008-03-13. Retrieved 2008-03-13.
  12. ^ "Foreclosure auction on Jackson's Neverland Ranch is canceled". Associated Press. CNN. 2008-05-13. Retrieved 2008-05-13.
  13. ^ "Neverland Ranch Note Sold to Colony Capital" (Press release). Business Wire. 2008-05-11. Retrieved 2008-05-13.
  14. ^ "Neverland Ranch foreclosure auction canceled". Associated Press. Google News. 2008-05-12. Retrieved 2008-05-13.
  15. ^ "Neverland Never More," by William Etling, EdHat.com local news http://www.edhat.com/site/tidbit.cfm?id=2752
  16. ^ Jackson's Neverland ranch is sold
  17. ^ tmz.com, Neverland May Be Jacko's Ticket to Vegas
  18. ^ ukpress.google.com, Jacko gives up Neverland ranch deed
  19. ^ news.yahoo.com, Michael Jackson gives Neverland to corporation
  20. ^ http://www.forbes.com/2009/04/14/michael-jackson-auction-lifestyle-collecting-michael-jackson.html
  21. ^ eonline.com, Michael Jackson Lets Neverland Fly Away
  22. ^ www.smh.com.au, Neverland peters out for pop's Peter Pan
  23. ^ [1] The Daily Mirror June 28 2008
  24. ^ [2] The Daily Mail 28 June 2009
  25. ^ [3] Billboard report June 28 2009
  26. ^ [4] New Musical Express 29 June 2009
  27. ^ [5] MTV website June 29 2009
  28. ^ [6]
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