Michael Jackson's Neverland Ranch May Soon Be Sold
Published Aug 01, 2014Michael Jackson's longtime home, Neverland Ranch, wasn't so much a house as it was a residential amusement park, and now that larger-than-life property may be going up for sale.
The mansion is located in Los Olivos, CA. Named after the fictional place in Peter Pan where children never grow up, it includes amusement park rides, a petting zoo, and more. Jackson purchased the 2,700-acre property in 1988, and the house become the focus of infamy when the singer was accused of child abuse between 2003 and 2005.
The ranch was largely shut down by 2006, and California firm Colony Capital LLC took over the $23.5 note on the properly in 2008. Bloomberg notes that the ranch has officially been assessed at $30.3 million, but Forbes points out that the maintenance fees may be as much as $5 million per year. In other words, Colony has likely invested well over $50 million into the property.
The facility has apparently been restored to its former grandeur, but its inaccessibility means that it is unlikely to be a viable tourist destination.
"We are frustrated, bitterly disappointed and saddened that it has come to this," a representative for Jackson's estate told Forbes. "Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."
The property hasn't been given an official asking price. In fact, it's not even officially on the market yet, but Colony boss Thomas Barrack Jr. told Bloomberg, "We are now considering putting it up for sale."
In other words, if you're looking for a piece of music memorabilia even cooler than the hand-written lyrics of "Like a Rolling Stone," this is your chance.