The 2,500-acre property in Santa Ynez, Calif., once was Jackson's home and featured an amusement park and zoo, but Jackson has not lived there for years and the ranch reportedly fell into disrepair as the eccentric singer got behind on payments for it and the property headed into foreclosure.

TMZ said Jackson filed a grant deed Monday transferring ownership of the property.

The deal was struck between Jackson and Colony Capital, the real-estate investment company that took over his debt in May when he defaulted on his mortgage, TMZ said.

The entertainment news Web site said Neverland is to be renamed Sycamore Valley Ranch.