Jackson gives up Neverland ranch

Michael Jackson's Neverland ranch has changed ownership, according to legal papers.

The new keeper of the sprawling estate, which includes an amusement park and zoo, is Sycamore Valley Ranch Co. LLC, a joint venture between Jackson and an affiliate of Colony Capital LLC.

Colony bought out the singer's £12 million ($23.5 million) debt on the property in May to ensure that it remained in his hands. That deal came after the popstar was told the ranch would be foreclosed and sold at auction after he ran into arrears.

Jackson's financial problems since his arrest in 2003 on child molestation charges and subsequent acquittal have meant that he has not lived at the 2,500-acre property for nearly five years.

The fate of Neverland, which lies 120 miles north west of Los Angeles, remains unknown. The singer named the ranch after the mythical childhood land in Peter Pan, once saying: "It's like stepping into Oz. Once you come in the gates, the outside world does not exist."