Price of Michael Jackson's Neverland Ranch Slashed by $33 Million

Price of Michael Jackson's Neverland Ranch Slashed by $33 Million

Michael Jackson's Neverland Ranch, now known as Sycamore Valley Ranch, has hit the market yet again.

The Wall Street Journal reports that the late Michael Jackson's infamous Neverland Ranch-now called Sycamore Valley Ranch has come back on the market after almost two years with a very significant price chop.

The property is located about 40 miles from posh and celebrity-studded Santa Barbara, California.

The $100 million asking price "was a hard number to achieve", said Suzanne Perkins, who worked as the property's 2015 listing agent.

The Neverland Ranch originally had a two-storey arcade, a host of animals (including horses, lions, orangutans, reptiles and giraffes), a candy store, a cinema, bumper cars and numerous rides, as well as a famous miniature train and train station. In 2008, a year before his death, Jackson defaulted on a loan backed by the ranch but was bailed out by Colony Capital, which is now selling the ranch in a joint sale with Jackson's estate.

The Los Olivos estate includes 22 separate structures and spreads across 2,700 acres (that's more than half the size of Griffith Park). The Normandy-style main house spans a whopping 12,600 square feet, with five bedrooms as well as a staff annex.

A 50-seat theater and dance studio, a four-bedroom guesthouse and a separate two-bedroom guest house are among almost two dozen other structures on the estate. In another building, there's a 50-seat movie theater and a dance studio.

Jackson, who died in 2009 at age 50, bought the property for US$19.5 million in the late '80s from golf course entrepreneur William Bone.