This article is for quizzes on Thursday September 8th...
Neverland Valley Ranch (renamed Sycamore Valley Ranch) is a developed property in Santa Barbara County, California, located at 5225 Figueroa Mountain Road, Los Olivos, California 93441, first opened in August 1994 most famous for being the home of the late entertainer Michael Jackson.
Neverland, the fantasy island in the story of Peter Pan, a boy who never grows up. Michael's first encounter with the ranch came when he visited Paul McCartney, who was staying there during their filming of the "Say Say Say" video. According to La Toya Jackson, Michael expressed interest to her in someday owning the property at that time.
Today, the ranch is owned by the Estate of Michael Jackson, with Colony Capital LLC maintaining a 12.5% undivided stake in the property.
The ranch is located about 5 miles (8 km) north of unincorporated Los Olivos, and about eight miles (13 km) north of the town of Santa Ynez. The Chamberlin Ranch is to the west, and the rugged La Laguna Ranch, is to the north. The Santa Barbara County Assessor's office says the ranch is approximately 3,000 acres (1214 hectares).
Reports of foreclosure proceedings alleged to have commenced against Neverland Ranch on October 22, 2007 were published. However, a spokesperson for Jackson said that the loan was merely being refinanced and Jackson (later his Estate) remained the majority stake holder, with a legal retention of 87.5% of the ranch.
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. 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. Before the agreement, Jackson owed three months' arrears on the property. McMillan did not reveal the details of the deal.