Price of Michael Jackson’s Neverland Ranch Drops 70%
Neverland Ranch has been on the market for years, though this is the most drastic price drop yet.
Just days before the controversial HBO documentary Leaving Neverland is slated to air, the infamous Ranch has been re-listed for $31 million. That’s down from the initial asking price of $100 million when the ranch was first listed in 2015.
In an interview with the Wall Street Journal, the agent responsible for the listing said they failed to find a buyer years ago because of the price tag. The property was slashed to $67 million in 2017, but was taken off the market a few months later.
Now two years later, Neverland Ranch is listed at less than half that price.
The ranch is currently co-owned by Jackson’s estate and is managed by Colony Capital. In an attempt to distance the property from Jackson’s questionable history, the estate has been renamed Sycamore Valley Ranch.
The 12,000 square-foot main house is where Jackson spent most of his time. The 2,700-acre property also includes multiple guest houses, a swimming pool, basketball court, tennis court, and its own fire department.
That last part is also worth noting: increased fire risk in areas like Southern California may be taking a toll on property values. Though a scorching blaze might actually improve the value of this lot.
Jackson’s estate has gotten rid of the various amusement park rides that used to dot the landscape. The fund managing the estate has spent millions renovating and updating the infrastructure and property. Jackson paid $19.5 million for the property when he purchased it in 1987.
The Leaving Neverland documentary will air on HBO March 3rd and 4th, despite the Jackson estate’s attempt to block it.
The documentary features interviews with James Safechuck and Wade Robson, both of whom spent time with Jackson in the 80s and 90s. The ranch is a prominent set piece in the film as the men describe in detail alleged sexual abuse suffered at the hands of Jackson at the property.