Michael Jackson’s Neverland Ranch is back on the market — with a stunning price cut
Michael Jackson’s Neverland Ranch is on the market again — this time with a 70-percent drop in price from its original listing.
The famous property, which was originally listed at $100 million in 2015, is now listed at $31 million, according to the property’s real estate listing and Architectural Digest.
Neverland Ranch has been renamed Sycamore Valley Ranch and features a main house with six bedrooms, “extensively landscaped gardens” and a four-acre lake with waterfall, according to the listing.
The nearly 2,700-acre property also has a pool, tennis court, three guest houses, a movie theater and several barns, the listing says.
The price drop is due to “years of drought, and other natural disasters that have plagued Santa Barbara County — and dampened the property’s value,” Kyle Forsyth, a Compass real estate agent and one of the listing agents for the property, told CBS News. The property itself has been “well maintained,” Forsyth told the news outlet.
“With the drought ending and the Santa Ynez Valley in full bloom,” it’s the best time to sell, Forsyth told CBS.
Jackson bought the ranch in the late 1980s and paid $19.5 million for it, the Los Angeles Times reported. The pop music star defaulted on a loan and Colony Capital, a real estate investment firm, bought the loan in 2008 for $22.5 million, the newspaper said.
The King of Pop died the following year.
In March 2018, several pieces of Jackson memorabilia — including an electric train that Jackson and his family once rode around Neverland Ranch — went up for auction in Agoura Hills.
A four-hour documentary about two men who claim Jackson sexually abused them, “Leaving Neverland,” will air on HBO on Sunday.
This story was originally published February 28, 2019 at 1:30 PM with the headline "Michael Jackson’s Neverland Ranch is back on the market — with a stunning price cut."
