Michael Jackson Hands Over Neverland Ranch

Michael loses his ranch? Not quite.

Michael Jackson has handed over the deeds to his Neverland ranch to a company that he owns a partial stake in.

The singer filed a grand deed on Monday (November 10), making the Sycamore Valley Ranch Co, which he is said to own a stake of, the new ranch owner, reports Yahoo news.

Colony Capital LLC bought Jackson's $24.5 million loan on the property in May, but now the singer is reportedly relinquished control of the property he bought in 1988.

Neverland was due to be auctioned off until the loan was bought.