1980’s pop star Michael Jackson has handed over the title of his famous 2,700-acre Neverland Ranch in Santa Barbara, California Thursday to a company made up of himself and the firm (Colony Capital LLC) that holds his loan of about $24 million on the property.

Property records showed that Jackson filed a grant deed on the ranch earlier this week and the new owner of the ranch is a company called the Sycamore Valley Ranch Company LLC.

A source close to the deal said, “Colony and Michael Jackson intend to pursue a multitude of joint business interests together.”

Since June 2005, when Jackson was put in trial and acquittal of child molestation charges, which was allegedly reported to have occurred at the ranch, Jackson spent little time at Neverland.

Before Jackson’s scandals, he was once the biggest U.S. star and his Neverland ranch was famous for the amusement park and private zoo built on Jackson’s property. See pictures of the ranch below.