Wednesday, 17 October, 2018

Michael Jackson's Neverland Ranch returning to market at a deep discount

Stacy Diaz | 03 March, 2017, 01:57

Michael Jackson's Neverland Ranch, now known as Sycamore Valley Ranch, has hit the market yet again. Initially listed at $100 million, the 2,700-acre property now returns for $67 million. The Normandy-style main house measures about 12,600 square feet, with five bedrooms plus a staff annex.

A 50-seat theatre and dance studio and separate two-bedroom and four-bedroom guesthouses are among almost two dozen other buildings located on the estate.

"We look forward to this magnificent property being enjoyed by a new curator", Rey said in a statement.

Sellers are the Jackson estate as well as a fund managed by real-estate investment trust Colony Northstar.

Jackson, who died from an overdose of the anesthetic Propofol in 2009 at age 50, bought the property in Los Olivos, about 120 miles (193 km) north of Los Angeles, in 1987 for $19.5 million.

"The market is much stronger today", she added. In another building, there's a 50-seat movie theater and a dance studio.

The reason for the price cut, according to agent Joyce Rey of Coldwell Banker Previews International, is to keep the property more in line with neighboring areas, which have topped out at around $40 million. Jackson bought the property in 1988, naming it after the make believe place in Peter Pan where children never grow up, and installing amusement park rides and an exotic petting zoo. Ms. Perkins said $100 million "was a hard number to achieve", especially past year when "the market was not as robust as it could have been".

A large, floral clock that states, "Neverland" remains, but the famous train is gone.