Michael Jackson’s Neverland Ranch Hit With Massive Price Cut
In the midst of negative publicity and controversy surrounding the upcoming release of HBO’s Leaving Neverland — a documentary that details the alleged abuse of both Wade Robson and Jimmy Safechuck by the legendary King of Pop — Michael Jackson’s Neverland Ranch has been hit with a massive price cut.
As reported by Variety, the developed property, currently owned by Colony Capital, has been re-listed with an asking price of $31 million. On its own, this figure doesn’t seem all that peculiar, but as Variety points out, the ranch was listed for a whopping $67 million back in 2017. In 2015, the price tag was even higher, reaching a staggering $100 million.
The secluded property is situated approximately 40 miles outside of Santa Barbara, California, and is a short drive from the small town of Los Olivos, which is best known for its wineries and tasting rooms. Michael Jackson first purchased the property back in 1987 for $19.5 million. Adjusted for inflation, this comes in at approximately $44 million, per the Bureau of Labor Statistics’ Consumer Price Index Calculator.
As Variety notes, prior to his passing, Jackson used his ranch as collateral in order to procure himself a personal loan. Unfortunately, he defaulted on the loan, and Neverland Ranch was acquired by a real estate investment trust (REIT), which is managed by Colony Capital, who co-owns the property.
The entire property takes up approximately 2,700 acres, in addition to the main house, which is 12,500 square feet in size. The house is enclosed by lush gardens and lawns, as well as a four-acre lake. In addition, the property contains three additional guesthouses, a large swimming pool, a tennis court, and an entertainment pavilion. Jackson’s custom-built amusement park has since been dismantled, and in its heyday, it housed a Ferris wheel and carnival games. Some attractions still stand, however, including an on-property movie theater and a train depot reminiscent of those featured at Disney World.
Amid documentary controversy, Michael Jackson's Neverland Ranch returns to market at a $70 million discount https://t.co/ztK13ISviS pic.twitter.com/DcIpIw93ad
— Forbes (@Forbes) February 27, 2019
The property’s sale is being handled by Kyle Forsyth and Suzanne Perkins, the latter of which was quick to sing its praises.
“Having sold many of the largest ranches on the south coast in Santa Barbara County, I can easily say without hesitation that this is one of the more spectacular ranches in so many different ways,” Perkins said.
Per reporting by The Inquisitr, HBO still intends to air Leaving Neverland in the coming days, despite a $100 million lawsuit leveraged against the media company by the Jackson estate.
“Despite the desperate lengths taken to undermine the film, our plans remain unchanged,” the network detailed in a statement. “HBO will move forward with the airing of Leaving Neverland, the two-part documentary, on March 3rd and 4th. This will allow everyone the opportunity to assess the film and the claims in it for themselves.”
