Michael Jackson transfers title for Neverland Ranch

Faded pop star Michael Jackson has further distanced himself from his former California home, Neverland Ranch.

The singer gave up the title to the Santa Barbara County estate, transferring it to a firm called Sycamore Valley Ranch Co. — a joint venture between Jackson and an affiliate of Colony Capital LLC, the firm that helped bail him out at the last minute earlier this year.

In February, Financial Title Co. scheduled an auction of the sprawling property — including all of Jackson's possessions still on site — after the singer failed to pay a more than $24-million US debt he owed. In May, Colony Capital, a Los Angeles-based real estate investment company, purchased Jackson's loan just prior to the auction.

Jackson purchased the estate — located about 200 kilometres northwest of Los Angeles and then known as Sycamore Valley Ranch — in 1988 and renamed it after the fantasy land in J.M. Barrie's Peter Pan.

Over the years, the reclusive star added luxury amenities such as a private zoo and an amusement park to the property, welcoming thousands of children to play on the grounds. However, he has spent little time at the ranch since his June 2005 acquittal on charges of molesting a young boy there.

In March 2006, California authorities ordered the property closed, and fined Jackson over failure to pay staff working at the ranch and maintain adequate insurance for the employees.

After paying the overdue wages, the singer subsequently laid off the majority of the ranch's staff and largely closed down operations on the property, which is purportedly falling into disrepair.