Michael Jackson’s Neverland Ranch residence has returned to the market for significantly less than when it was first listed in 2015.
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. and has an asking price of $31 million, compared to the $100 million price tag attached to the original listing.
In addition to the main six-bedroom house, the estate in Los Olivos, California, also features three guest houses, along with a pool, basketball and tennis courts, a movie theater, tennis courts and animal shelter facilities.
The news about the ranch’s relisting arrives before the HBO documentary “Leaving Neverland” is set to premiere Sunday, featuring two men who allege a series of crimes committed by Jackson.
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On July 2, 2009, the train station at Neverland Ranch in Los Olivos, Calif. Michael Jackson’s former home was renamed Sycamore Valley Ranch and put up for sale in 2017.
On July 2, 2009, the train station at Neverland Ranch in Los Olivos, Calif. Michael Jackson’s former home was renamed Sycamore Valley Ranch and put up for sale in 2017. (Photo: Carolyn Kaster/ AP)
Compass real estate agent Kyle Forsyth, one of the listing agents on the property, told CBS News that the price drop can be attributed to the years of drought and other natural disasters that have rocked Santa Barbara County.
“With the drought ending and the Santa Ynez Valley in full bloom,” now is the best time to sell the property, Forsyth said.
The ranch’s price was previously reduced to $67 million in 2017.