Want to buy Michael Jackson’s famed and infamous Neverland Ranch? Soon, you’ll have the chance.
The 2,700 acre piece of property, which features a train station and formerly housed an amusement park and a working zoo, is being sold by the investment company that owns a controlling interest in Jackson’s estate.
Colony Capital bought Jackson’s $23 million mortgage in 2008, saving him from bankruptcy.
Though Colony has not yet listed the property, Jackson’s family members have not indicated that they will purchase Neverland from Colony.
Said the family in a statement, “We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael’s lifetime, Colony has the right to sell.”
The Ranch is located in Los Olivos, CA, about two-and-a-half hours north of downtown Los Angeles. It remains an important site for die-hard Michael Jackson fans, who continue to leave a stream of flowers, cards, and memorabilia outside its gates.
It’s not clear just how much the ranch could fetch on the open market. Its value was last assessed at $30.3 million, and that was in 2008.
According to Thomas LePley, a prominent broker associate who works for Berkshire Hathaway HomeServices, the asking price will be considerably higher than that:
“I’d say it’s worth $35 million to $50 million, depending on what they do with it. [Colony Capital] has cleaned it up and returned it to perfect condition. It had been neglected.”
