Michael Jackson, the King of Pop has lost ownership of his erstwhile kingdom, the Neverland Ranch in California, after transferring the deeds to a company he has partial control of.

Earlier this week, Michael Jackson filed legal papers in California making the Sycamore Valley Ranch Company the new owner of his well-known fairyland home the Neverland Ranch, reports the Associated Press.

Sycamore Valley Ranch Co. is a joint venture between Jackson and an affiliate of Colony Capital LLC, according to the AP report, the same Colony who bailed the singer out in March when he owed $24.5 million on the property. Colony acquired the debt and just in the nick of time too, as Neverland was a week away from being auctioned off.

The 2,500-acre property sprawls in Santa Barbara County, 120 miles northwest of Los Angeles, and was acquired by Michael Jackson in 1987. The star dreamt of transforming it into a fairyland, which explains his choice of name: Neverland is the name of an island in J. M. Barry’s “Peter Pan,” where children never grow up.

Jackson transformed it into a miniature amusement park, complete with Ferris wheel, roller coaster and other rides, as well as a zoo.

The property was closed in 2006 after Jackson could no longer keep up with expenses and failed to pay his staff or maintain proper insurance. He has not lived there since 2005, when he was acquitted in his child molestation trial.

It is unclear what will become of the ranch now. The deal in March had meant Jackson could keep Neverland. It is believed to have been left in disrepair since its abandonment two years ago

At the time Michael Jackson purchased the estate, he was at the height of his career, having just released the record-breaking album “Bad.”