How Much Is Michael Jackson’s Neverland Ranch Worth Today?
The late Michael Jackson’s former home, the Neverland Ranch, has become almost as famous as Jackson himself. The estate is synonymous with Jackson and is notorious because it’s the place where Jackson allegedly sexually abused children.
Neverland is now up for sale at a majorly discounted price but will that be enough to sell the one-time home of the “King of Pop”? Keep reading to learn more about Neverland Ranch.
Who owns the property?
Neverland, which is co-owned by the Jackson estate and the investment firm Colony Capital and Michael Jackson’s estate, has been renamed the Sycamore Valley Ranch.
Neverland, now the Sycamore Valley Ranch, is “co-owned by the Jackson estate and the investment firm Colony Capital and Michael Jackson’s estate,” according to USA Today.
Listing price slashed
Neverland ranch is currently listed at $31 million, or 70 percent off, according to The Wall Street Journal. The original asking price when the ranch went on the market in 2015 was $100 million.
The lowered asking price may be the latest tactic to get the place sold. After two years on the market at $100 million, the property switched listing agents in 2017.
The new agent, Joyce Rey of Coldwell Banker, located in Beverly Hills, Calif., cut the asking price to $67 million but took the ranch off the market soon after.
The ranch has now returned to its original listing agent, according to CBS News.
Why the price change?
The answer is two-fold. The HBO documentary, “Leaving Neverland,” about Jackson’s alleged sexual abuse of children is set to air on March 3 and 4 at 8 p.m. EST/PST, according to USA Today.
Neverland Ranch is where the sexual abuse allegedly took place. The deep slash in price is likely the realtor’s attempt to sell the property before any potentially damaging press could harm the listing price.
Another reason is less nefarious.
Kyle Forsyth, a Compass real estate agent, one of the property’s listing agents, spoke to CBS News about the discounted price of Neverland.
Forsyth said the lowered price is because of natural disasters and droughts that have impacted the location. “With the drought ending and the Santa Ynez Valley in full bloom,” it’s time to sell, Forsyth told CBS News.
Whatever the reason may be for the deep discount, there’s no arguing that the property has been difficult to sell.
How much is Neverland worth?
The estate is approximately 12,600 square feet, according to CBS News. It was built in 1982 in French Normandy style. The main house has six bedrooms and great views of the Santa Ynez Valley.
The estate sits on 2,700 acres and has a lake with a waterfall, a pool and pool house, multiple guest houses, gardens, a petting zoo, and basketball and tennis courts.
The estate’s worth is hard to estimate because it’s only worth as much as a buyer is willing to pay. But whoever buys the estate will be getting a deal because of it’s former $100 million price tag.