Could Michael Jackson's Neverland Ranch Fetch up To $85m?

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We previously thought Michael Jackson’s Neverland Ranch would cost around $60m, but various reports are suggesting that the 1040-hectare (2,600-acre) estate could fetch anything up to $85m, making our provisional estimation seem like a bonafide bargain.

NeverlandMichael Jackson's Neverland

The ranch, which was acquired by the King of Pop back in the late 80s, was valued st at $30m by California property experts, but given the context of the property and land, it looks like it could sell for between $75m and $85m. Colony Capital bought a $23.5m stake in the property just before Jackson's died from a drug overdose and heart attack in 2009.

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Jackson bought the property in 1988 and lived there until his child molestation trial in 2004. Neverland fell into disrepair after the King Of Pop's death, but last year the property was rejuvenated, at the request of the late singer's children Prince, 17, Paris, 16, and Blanket, 12.

Thomas Barrack Jr of Colony Capital told Bloomberg: "We've really just been custodians of an irreplaceable estate and are proud to say we've restored it to the original elegance Michael first envisioned. We are now considering putting it up for sale."

But the Jackson family expressed disappointment at the sale. "We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The estate will maintain Michael's family home in Encino, including its iconic recording studio there,” said a spokesperson for the family. 

More: Jackson Family To Star In New Reality Show - But Who Is Alejandra Jackson?

"We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide."


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Tags: Michael Jackson - Neverland

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Comments

rosemary moly gomes's picture

rosemary moly gomes

Great Yanni54, always ur comment mach with my heart. I pray, family will solve this with Colony. Love you more Mike..

4 months 2 weeks ago
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Mol Or's picture

Mol Or

He didn't die from a drug overdose and he didn't die from a heart attack. Geez what if the media just once was accurate when it comes to Michael Jackson? He died from acute propofol intoxication because his doctor killed him by leaving him on a propofol drip and he suffered cardiac arrest not a heart attack! The two are not the same. By saying he died from a drug overdose you suggest he was junkie who self injected himself with heroin! He just wanted to get some sleep for god's sake, and his insomnia had nothing to do with drugs. He suffered from it from decades.

4 months 3 weeks ago
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Mol Or's picture

Mol Or

He didn't die from a drug overdose and he didn't die from a heart attack. Geez what if the media just once was accurate when it comes to Michael Jackson? He died from acute propofol intoxication because his doctor killed him by leaving him on a propofol drip and he suffered cardiac arrest not a heart attack! The two are not the same. By saying he died from a drug overdose you suggest he was junkie who self injected himself with heroin! He just wanted to get some sleep for god's sake, and his insomnia had nothing to do with drugs. He suffered from it from decades.

4 months 3 weeks ago
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Mol Or's picture

Mol Or

He didn't die from a drug overdose and he didn't die from a heart attack. Geez what if the media just once was accurate when it comes to Michael Jackson? He died from acute propofol intoxication because his doctor killed him by leaving him on a propofol drip and he suffered cardiac arrest not a heart attack! The two are not the same. By saying he died from a drug overdose you suggest he was junkie who self injected himself with heroin! He just wanted to get some sleep for god's sake, and his insomnia had nothing to do with drugs. He suffered from it from decades.

4 months 3 weeks ago
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YANNI54's picture

YANNI54

Since MJ's oldest child is about to make 18 why can't Colony wait out the time and see if somehow they can make a deal with MJ's kids for that property or is it as with everything else in this country MONEY TRUMPS COMMON SENSE AND COMPASSION! If they can sell it they also should be able to make it into a sort of Graceland or Museum or something. There is NO PLACE like Neverland and the significance and the historical value alone could make millions for Colony. They believe that because of where it is could mean people would not come there, but since when has that ever been the case. I'm more than sure that millions of parents and their children have been there and MJ has fans from around the world who would love to go there. Can't Colony see what happens every June 25th and every Aug. 29th. MJ still draws crowd from around the world and if you think they come to Forest Lawn to see a door, what do they think would happen if they open up Neverland. INVEST COLONY, DON'T SELL!!!

4 months 3 weeks ago
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Mol Or's picture

Mol Or

for whatever strange reason it cannot be turned into a museum because of zoning rules in the area they say the roads couldn't handle that much traffic I too think the Jackson kids should buy it. Lady Gaga once said she wants to buy it and give it to the Jackson kids. I hope she does it. I would hate to see Neverland go to some asshole who doesn't give a damn about MJ.

4 months 3 weeks ago
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