More Information About neverland ranch

Coordinates: 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 (before removal)

Neverland Valley Ranch (formerly the Sycamore Valley Ranch)^[1] is a developed property in Santa Barbara County, California, most famous for being a former home of American entertainer Michael Jackson, during 1988-2005.^[2] 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).^[3] On November 10, 2008, Jackson transferred the title to Sycamore Valley Ranch Company, LLC.^[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^[4] for $30 million.^[5] 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.

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.^[6] 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.^[7]

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.^[8][9] However, a spokeswoman for Jackson said that the loan was merely being refinanced.^[10]

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.^[11][12] 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.^[13] Before the agreement, Jackson owed three months' arrears on the property.^[13] 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.^[14] 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."^[15][16]

On November 10, 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, being trucked along the highway.^[1] 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).^{[17][18][19][20][21]} The Santa Barbara County Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million.^[22][23]

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.^[24][25][26] However, the singer's father Joseph Jackson later denied the reports.^[27][28] 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. On July 1, 2009 Michael Jackson's 7-year-old will was filed in a Los Angeles court, giving his entire estate to a family trust.^[29] On July 2, Larry King hosted his show on the property with Jermaine Jackson as his guest.

References

External links

• Satellite Images of Neverland
• Night images of Neverland Ranch
• Aerial photos of Neverland, before and after removal of rides