Home Music Music News

Michael Jackson’s Neverland Ranch Devalued in Real Estate Market

King of Pop’s estate, renamed Sycamore Valley Ranch, dropped to $67 million from $100 million

Michael Jackson‘s former home, Neverland Ranch, is back on the real estate market with a new asking price of $67 million, The Associated Press reports.

The price tag is a significant decrease from the $100 million the estate was going for last year, when it was rechristened Sycamore Valley Ranch (though per photos of the listing, the Neverland clock topiary still remains out front). The 2,700 acre property also boasts a pool, tennis courts, a lake, a “Disney-style” train station, barn, guest house and another separate building with a dance studio and 50-person movie theater.

Jackson bought the sprawling estate in Santa Barbara County, California in 1987. He named it after the fictional world in Peter Pan where kids never grow up and filled it with amusement park rides, a petting zoo and other attractions to entertain visiting kids. However, Jackson stopped living at Neverland after his 2005 molestation trial and an extensive search of the property. Neverland almost went to auction in 2008 after Jackson failed to repay a $24 million loan on the estate, but in 2009, before his death, he sold it to Colony Capital for $22.5 million.

After Jackson’s death, the property fell in to disrepair, though Colony Capital slowly redeveloped the home, ridding it of several prominent feature including the amusement park rides, exotic animals and the Jackson-owned Neverland Valley Fire Department, an on-property emergency service that would respond to injured kids. A 2014 Forbes report suggested that Colony put more than $50 million into the estate.

In a recent cover story for Rolling Stone, Jackson’s daughter, Paris, spoke about life at Neverland, saying, “We couldn’t just go on the rides whenever we wanted to. We actually had a pretty normal life. Like, we had school every single day, and we had to be good. And if we were good, every other weekend or so, we could choose whether we were gonna go to the movie theater or see the animals or whatever. But if you were on bad behavior, then you wouldn’t get to go do all those things.”

In This Article: Michael Jackson

Show Comments

Newswire

Powered by
Close comments

Add a comment