If you’ve ever wanted to own Neverland, now’s your chance. Michael Jackson’s expansive Neverland Ranch estate is slated to be on the market soon. Colony Capital LLC now holds the rights to the King of Pop’s famous home, and is getting ready to offer up the estate to whoever can afford to claim it.
A representative for the Jackson Estate spoke to Forbes regarding the family’s grief over losing the famous property, saying “We are frustrated, bitterly disappointed and saddened that it has come to this.” The Colony Capital real estate investment firm managed Neverland Ranch together with Jackson as a joint venture, under the agreement that the more the firm invested, the more its equity would increase. It was in 2008 that Jackson signed over the title to Colony Capital, and now, according to Forbes, the firm has possibly invested more $50 million in the property.
The 2,700-acre Los Olivos, California property will certainly have a pretty price tag—when the King of Pop first acquired it in 1988, it’s estimated he spent between $16.5-$30 million dollars to realize his fantastical dream. Neverland Ranch is home to a massive 13,000-square-foot French style mansion. It also was the site of Jackson’s private amusement park, stables, apartments, and guesthouses. Jackson himself lived at Neverland until 2005. He left in 2003, after the infamous court case that accused the singer of molesting a minor. Jackson said that he felt that during the search of the estate, police officers had “violated” his home.
In 2007, Jackson faced losing the property because of his debt. According to representatives for the family, Jackson had “lost control of Neverland during his life as a result of advice from a former manager.” Other options were considered for Neverland, including turning it into a school for the arts. People have suggested turning Neverland into an Elvis Presely-Graceland style attraction, but this seems unfeasible given the location. The property lies far from highways, accessible only by mountain roads that can’t handle large amounts of visitors.
So, unfortunately, the millions of dollars required to maintain the estate is too much for Jackson’s children to consider buying back any portion from Colony Capital. Even though the estate has made more than half a billion dollars since Jackson’s death, taxes and other maintenance expenses keep Neverland Ranch far too expensive for the singer’s family. The Jackson Estate says they “hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael’s memory lives on in the hearts of his fans worldwide.”
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