Michael Jackson’s Neverland Ranch Is Reportedly Up For Sale
Michael Jackson’s Neverland Ranch is currently on the real estate market against the wishes of the King of Pop’s estate, Forbes reports.
The 2,700-acre property is reportedly listed under a $60 million price tag, following a deal in 2008 with billionaire Tom Barrack’s Colony Capital firm that inherited a $23 million debt. The company spent $5 million a year for upkeep of the Los Olivos, Calif. property which resulted in a $50 million deficit including the original debt.
A representative for Jackson’s estate told Forbes, “We are frustrated, bitterly disappointed and saddened that it has come to this. Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”
Forbes also states:
“The agreement, which took effect in early 2008, called for Colony to manage Neverland as a sort of joint venture with Jackson. For every dollar the company invested in the property, its equity would increase. This meant that while Jackson—and, later, his estate—retained a stake in the property, it decreased on paper as time went on.”
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