It looks like the promise of a Neverland has ended for Michael Jackson, after he lost ownership of the Californian ranch.

The huge home-cum-theme park was repossessed by the same ruthless company responsible for encompassing £17 million of debt from the home in May last year.

The singer’s sprawling fantasy hide away has been taken over by the company which also swallowed the mounting debt of £17million on the home last May.

Santa Barbara County Assessor’s Office have announced that Jacko agreed on selling Neverland for a cool £23.5 million.

To add salt to the wound, the ranch will be renamed to Sycamore Valley Ranch, to disassociate it from the controversial publicity it had received.

Michael was residing in the home in 2005, when he was standing trial for charges or child molestation - which had supposedly taken place at Neverland. He was acquitted in the end but the damage to his profile was irreversible.

Changing the name will finally put an end to the fantasy like child’s world Jacko was living in. In the past he has spent millions on his dream home, which is located 120 miles northwest of Los Angeles. The 2,900-acre ranch included and exotic animal zoo, a Ferris wheel and a rollar coaster.

Back when people still adored Michael, he used to allow thousands of children visit and play in the fantasy land.

The whole idea behind the extravagance seemed to be an attempt to recoup lost childhood years and memories for Jackson, who grew up very quickly in the media.

He was talked about the home saying, ‘It’s like stepping into Oz. Once you come in the gates, the outside world does not exist.’