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Michael Jackson sells Neverland for 55 million


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Jackson sells Neverland for $55m

November 13, 2008 02:00pm

MICHAEL Jackson's Neverland adventure is over. He has sold the sprawling Californian ranch for $55 million.

The controversial pop star, who created his fantasy escape on the sprawling central California ranch at the height of his fame in 1988, has transferred ownership of the property to a company that he owns jointly with the private equity firm which took over his $US24.5 million ($A38.4 million) debt on the property in May.

According to the Santa Barbara County Assessor's Office, Jackson sold the property for $US35 million ($A54.86 million).

Neverland will be renamed Sycamore Valley Ranch in an effort to revamp its image, tinged by the negative press surrounding Jackson's child molestation trial, which ended in his acquittal in 2005, website TMZ.com reported.

Jackson built a mini amusement park on the 1,100ha property, and invited thousands of children to play there before his trial. He has not lived there since his acquittal.

Colony Capital, which bought Jackson's loan after he missed several payments, also owns numerous Las Vegas properties including the Las Vegas Hilton.

The sale of Neverland to the company has fuelled reports that Jackson has signed on to perform his own headlining show in the city.


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