Neverland Ranch, which was home to international pop star Michael Jackson, is up for sale. If you’d like to be the next proud owner, it’s going to cost you $100 million.
The Billie Jean singer purchased the 2,700 acre ranch for $19.5 million in 1987 in Los Olivos, Calif from golf course entrepreneur William Bone. He stopped living at Neverland, which was named after the fictional world in Peter Pan, after his child molestation trial in 2005 and a police search of the entire property.
The property almost went to auction. Jackson failed to pay a $24 million loan on the ranch on top of other debts in 2008, but real estate investment firm Colony Capital entered into a joint title on the ranch with Jackson. After he left the ranch, Colony Capital worked to redevelop the home and the property became known as Sycamore Valley Ranch, according to Wall Street Journal.
According to LA Times, a specialist at valuing stigmatized properties with Laguna Beach-based consulting firm Bell Anderson & Sanders Randall Bell said that $100 million is a “very optimistic” price. He said that although there is “a lot of affection for him and his talent,” Neverland is associated with Jackson’s child molestation.
The property features 22 structures, including a six-bedroom main house with staff quarters, a four-bedroom guesthouse and a two-bedroom guesthouse. It also includes a swimming pool, basketball court, tennis court, cabana and 50-seat movie theater. The Neverland Valley Train Station still remains, its tracks circling the property, but the train no longer runs.
Oh, and there’s still a llama. But the property has lost the amusement park, the elephant, Bubbles the chimp and the Jackson-owned Neverland Valley Fire Department.
According to Rolling Stone, the real estate agency is trying to prevent Jackson fanatics from openly touring the property. To do so, they are conducting an “extensive prequalification” screening process. Jeffrey Hyland of Hilton & Hyland told WSJ that the seller is not looking for “not encouraging a lot of showings.” “We’re not going to be giving tours,” Hyland said.
This news comes on the heels of the Jackson estate being sued for a $4.6 million payment Jackson owed in 2007, according to CBS Los Angeles.