Michael Jackson's Neverland Ranch Hits the Market For $67 Million
Re-christened the Sycamore Valley Ranch, the 2,700-acre property in Santa Barbara had its price chopped from its previous listing price of $100 million.
Michael Jackson’s infamous, sprawling estate formerly known as Neverland Ranch has been relisted for $67 million. That price tag, while still eye-popping, signals a dramatic cut from its previous listing price of $100 million.
The 2,700-acre property in Santa Barbara County has been re-christened the Sycamore Valley Ranch. Some of the more conventional amenities include a pool, tennis courts, guest house and a 50-person movie theater. Some of the more eccentric amenities that made the estate the object of international intrigue included a lake, a "Disney-style" train station, a barn and a dance studio.
Jackson originally bought the property in 1987 and set out to create a real-life version of the fictional setting in Peter Pan (where the Neverland name came from). He filled it with amusement park rides, a petting zoo and other attractions with the ultimate aim of entertaining visiting kids. The property then became a symbol of Jackson’s very public spin out that started with his 2005 molestation trial (authorities investigating the case searched the property) and ended with his death. Failure to make payments on a $24 million loan almost forced the property into auction, but the King of Pop ultimately sold it to Colony Capital in 2009 for $22.5 million.
Since then, Colony has reportedly poured tens of millions of dollars into refurbishing elements of the estate. “The property is in immaculate condition. It has been beautifully maintained by the owners,” Coldwell Banker’s Joyce Rey, who is the listing agent on the property, told The Hollywood Reporter. “The only difference from when Michael lived there is that many of the animals are gone. "There are still some pigs and llamas, but the elephants are gone and the train and the amusement park are gone as well.”
The current owners of the property are the estate of Michael Jackson and Colony Northstar.