Michael Jackson, Neverland Ranch

AP Photo/Lois Bernstein; Pool Photographer/Getty Images

The fairy tale is really over now.

Michael Jackson has turned the deed to his financially plagued Neverland Ranch over to a company that he has a partial stake in, effectively ending his reign as the King of the House That Pop Built.

Then again, one could wonder what took so long. Jackson hasn't spent any time at the Los Olivos, Calif., estate he bought in 1988 since being acquitted of child-molestation charges in 2005—crimes he was accused of committing on his 2,500-acre property, which in its heyday featured a working petting zoo, amusement park and various other kid-friendly attractions.

According to paperwork filed Monday with the Santa Barbara County Clerk-Recorder's Office, Neverland's new owner is the Sycamore Valley Ranch Co., LLC.

Jackson nearly lost the whole kit and caboodle to foreclosure in May, but an eleventh-hour reprieve from L.A.-based real estate company Colony Capital, which bought a $23.5 million loan that the Thriller artist had been unable to pay back, saved Neverland from the auction block.

Jackson most recently reared his reclusive head to shoot down reports of an original Jackson 5 reunion, saying that he wishes the best for his brothers but has other creative fish to fry.

"My brothers and sisters have my full love and support, and we've certainly shared many great experiences, but at this time I have no plans to record or tour with them," he said through a rep.

"I am now in the studio developing new and exciting projects that I look forward to sharing with my fans in concert soon."

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