Jacko Leaves Neverland

11/13/08 1:17pm

by Jen White (CHARTattack)

It's time for Michael Jackson to pack up his Lost Boys and finally grow up. After years of debt, the once mighty King Of Pop has given up the deed to his Neverland Ranch.

Jackson transferred the deed on Monday to Sycamore Valley Ranch Co., LLC, which is a joint venture between himself and private real estate investment firm Colony Capital. The firm saved the ranch last March when it bought out Neverland's $23.5 million mortgage.

Jackson's been struggling with money since his 2003 arrest on child molestation charges. Although he was acquitted two years later, poor Neverland was tainted and Jacko hasn't been seen there since.

In an attempt to clean up its image, the ranch will now be known by its original name: Sycamore Valley Ranch.

There's no indication yet what will become of the 2,500-acre property in Los Olivos, Calif., which Jackson bought in 1988 and turned into a mini amusement park with a zoo, Ferris wheel and other rides. Recent aerial shots of the ranch show its deterioration.

TMZ.com is speculating that since Colony Capital owns a bunch of Las Vegas properties, including the Las Vegas Hilton, Jackson might be tied into a show deal.

While Jackson's career continues to plummet, it seems a younger starlet is using him on her rise to the top.

Miley Cyrus parodies Jacko's classic "Thriller" video in her clip for "Fly On The Wall."

"The gist of the concept is that she and her boyfriend are on a date, leaving a movie, when suddenly, he gets overcome by some strange cough," director Philip Andelman told MTV.com.

"Suddenly, he turns into a paparazzo and begins chasing Miley. Soon, she is backed into a corner with nowhere to turn and the paparazzi approaching, when suddenly, instead of attacking or photographing her, they break into choreography."

"I definitely had some fun," said Cyrus. "I needed a serious massage afterward."

Insert child molestation joke made in poor taste here.