It seems that no matter who you are, the credit crunch is snapping at your heals. And, as we seem to be hearing more and more each day, people from all walks of life are losing the battle.

Michael Jackson, he of the world’s biggest selling album of all time, “Thriller” (and on its 25th anniversary of being released) and (once upon a time) the undisputed King of Pop, has been forced to sell his ownership of his Neverland ranch near Santa Barbara in California.

Earlier this week, Jackson, 50, filed legal papers making the Sycamore Valley Ranch Company the new owner. Jackson, whose huge catalogue of hit records includes Billie Jean, Thriller and Man in the Mirror, has not lived at Neverland since he was acquitted of child molestation charges in 2005.

The property was bought in 1988 for $28 million and is situated on 2,900 acres, with a 14,000 sq. ft. main house

Jackson initially sought to turn into a fantasy land, and is ironically named after an island in the story Peter Pan, where children never grow up. He built a zoo and fairground on the 2,800 acre (1,100 hectare) property but it was closed in 2006 after Jackson failed to pay his staff or maintain proper insurance. It is not clear what will now happen to the property.

Simon Turner

FYI: Read similar articles on the Homes of the Rich and Famous; the Credit Crunch; and Luxury Homes

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