I’m sure you’ve heard of Michael Jackson’s infamous estate which he named Neverland Ranch. Located in Los Olivos, California (Santa Barbara County), the Neverland Ranch has been on the market since 2015. They have struggled to find a buyer even after dropping the price, renaming it to Sycamore Valley Ranch, and spending millions on renovations.
Check out the video to see a glimpse of the history of Neverland Ranch and a rare drone tour courtesy of his real estate agent.
Michael Jackson bought the 2,700 acre Neverland Ranch in 1987 for $19.5 million, which is about $44 million after adjusting for inflation. After purchasing the property, Jackson spent millions to build an elaborate fantasy land featuring an exotic animal zoo, amusement park, and a train circling the estate.
The entire property features a Peter Pan theme, which symbolized the childhood he felt he never experienced due to his early fame.
A lot of history happened at the estate. Kim Kardashian had her 14th birthday party at the ranch through her father’s business connections to MJ. In 1991, Elizabeth Taylor got married there.
The primary residence is a 12,600 square foot French-Normandy style mansion with 5 bedrooms, 8 bathrooms, a dance studio, 50 person movie theater, and a four acre lake! Additionally, there are tennis courts, a basketball court, barns and multiple guest/staff houses… adding up to 22 structures on the property.
After facing child molestation charges in 1993 and again in 2003, Michael Jackson’s career took a fatal blow. He no longer had the disposable income to afford the mortgage and maintenance costs, estimated to be over $1 million per year, causing him to default on the property and racking up $25 million in debt as a result.
Then in 2008, MJ was facing foreclosure, so he sold the $25 million debt to a private equity firm called Colony Capital for $23 million.
After Jackson died in 2009, Colony spent millions on upgrades intending to sell the property as soon as possible. They changed the name from Neverland Ranch to Sycamore Valley Ranch. They listed it for $100 million.
That was nearly 10 years ago.
Maybe it’s bad vibes from the former owner, maybe the price was too high, but potential buyers have not shown much interest in the property. Recently Colony reduced the price to $67 million. If that sounds enticing to you, check out this rare drone video tour of the property from the real estate agent and maybe you can set up an in-person tour!
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