- Michael Jackson’s famed Neverland Ranch has been on the market since 2015 despite millions of dollars in renovations, a large price cut, and a new name.
- Jackson’s former 2,700 acre property boasts a 12,598 main residence, two guest houses, a lake, a 50-seat movie theatre, a tennis court, a 14-ft lagoon-style pool, a dance studio, and barns.
- At $67 million, here’s what the new Sycamore Valley Ranch has to offer and why it’s been on the market for three years.
Michael Jackson’s famed Neverland Ranch hit the market in 2015 hoping to ring in buyers under a new identity as Sycamore Valley Ranch.
However, the 12,598 square foot French-Normandy style residence located in Los Olivos, California has been on the market for three years, despite a 33% price cut from its original$100 million listing price by Sotheby’s International Realty and Hilton & Hyland.
Jackson, who bought the property for $19.5 million in 1987, defaulted on a loan after financial hardships and entered Neverland into an ownership agreement with private investment firm Colony Capital in 2008 for $23 million, according to ABC News.
After millions of dollars in renovations, the 2,700 acre ranch boasts a main residence with five bedrooms and eight bathrooms, two guesthouses, a four-acre lake, a 50-seat movie theatre, a tennis court, a 14-ft lagoon-style pool, a dance studio, barns, and separate staff facilities.
“This quintessential California estate is now ready for the next chapter in its journey,” Sycamore Valley Ranch’s listing agent Joyce Rey of Coldwell Banker said in a statement, the Los Angeles Times reported.
For $67 million, the King of Pop’s former home could be yours, although you’ll have to pass “extensive prequalification,” according to The Wall Street Journal. Here’s what Sycamore Valley Ranch has to offer: