Sucks for Michael!

Michael Jackson has said goodbye giving up title to his Neverland Ranch. The new owner is said to be an entity called the Sycamore Valley Ranch Co. LLC, a joint venture between Jacko and an affiliate of Colony Capital LLC. Michael had gone into default on the $24.5 million he owes on the 2,500 acre property in Santa Barbara, California. He’d faced foreclosure before Colony Capital bailed him out by purchasing his loan. Michael bought the property 20 years ago, named it after Peter Pan’s stomping grounds, and turned it into a miniature amusement park and zoo. He said he wanted to create the childhood he was cheated out of, and invited thousands of kids to play there. One of those kids, a 13 year-old boy, claimed he was sexually abused by the pop star there. 50-year-old Michael, hasn’t been back to neverland since a jury acquitted him of all charges in 2005.