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Neverland Ranch Market Price Falls to $67 Million
updated: Mar 04, 2017, 2:00 PM

By the Dedicated Staff of edhat.com

The market price for Michael Jackson's Neverland Ranch has fallen to $67 million, a 33 percent price drop from its original price tag of $100 million, the Los Angeles Times reported.

(Photo by John Wiley )

The 2,700 acre property in located in Los Olivos. The ranch's main feature is a 13,000 square foot Normandy-style mansion that was built in 1982 by architect Robert Altevers and features six bedrooms and attached staff quarters.

Among the near two dozen structures on the property are a four-bedroom guesthouse a two-bedroom guesthouse. The property also features two lakes, a swimming pool with a cabana, a barbecue area, a basketball court, a tennis court and a 50-seat movie theater with a private viewing balcony, and stage that includes trap doors for magic shows.

(Photo by John Wiley )

Jackson purchased the property in 1987 for $19.5 million and lived at the residence until 2005. He defaulted on a $24.5 million loan and formed a joint venture in 2008. In 2009, the year of Jackson's death, Colony Capital purchased the ranch for $22.5 million.

Joyce Rey of Coldwell Banker is the listing agent for the multimillion dollar property.

Related Articles

Comments in order of when they were received | (reverse order)

 COMMENT 761470 agree helpful negative off topic

2017-03-04 02:45 PM

Jackson's gone and any bump in value associated with him is also gone. It is just dirt, trees and a few structures now.

 

 COMMENT 761486 agree helpful negative off topic

2017-03-04 05:02 PM

Wow, if I buy now I'll save $33 million ...

 

 COMMENT 761493 agree helpful negative off topic

2017-03-04 05:58 PM

Chumash will buy it

 

 COMMENT 761494 agree helpful negative off topic

2017-03-04 05:58 PM

Bulldozer.

 

 COMMENT 761497P agree helpful negative off topic

2017-03-04 07:07 PM

Such a deal for a place that's forever tainted with what went on there behind closed doors. Not a chance even if I had the money! "Sad"

 

 COMMENT 761498 agree helpful negative off topic

2017-03-04 07:09 PM

Let me get this straight. A venture capitalist bought it from the Jackson estate, or the bank if the estate had defaulted, for $22Mil and put it on the market for $100Mil?? Now it makes me wonder why buyers aren't beating at the door for a chance at that deal.

Where is the Russian "King of fertilizer" when you need him? Oh wait.... he only gave sweetheart deals to El Presidente.

 

 COMMENT 761500 agree helpful negative off topic

2017-03-04 07:41 PM

I can see it now....Neverland Vineyards and Wine Tasting. Their special wine will be Jesus Juice Zinfandel.

 

 COMMENT 761503P agree helpful negative off topic

2017-03-04 07:48 PM

Whoever buys it, please turn off the friggin floodlights all night long at the gate.

 

 COMMENT 761506 agree helpful negative off topic

2017-03-04 07:53 PM

Great, rusty rides and a house full of skeletons. I'm good.

 

 COMMENT 761507 agree helpful negative off topic

2017-03-04 08:02 PM

The current seller has $22m into it. I think a nice few million profit for handling a transaction is fair, so let them know I am a buyer at $25M. Thank you.

 

 COMMENT 761509P agree helpful negative off topic

2017-03-04 08:15 PM

Barrack still owns it???

 

 FLICKA agree helpful negative off topic

2017-03-04 10:04 PM

Think of the cost of bulldozing all the trashy things Jackson put on the place. The owners hoped to make a cool 78 million? Now, if it sells at the new asking price, the profit goes down to only about 43 million? Oh my!

 

 COMMENT 761517P agree helpful negative off topic

2017-03-05 07:19 AM

2700 acres. Even with nothing on it, the land would cost in the millions. Are you the same people who complain about the cost of real estate here? And then are surprised when you're right?

 

 COMMENT 761537 agree helpful negative off topic

2017-03-05 10:01 AM

Awful to see such waste and decay. Wonder what happened to the animals. Poor things, tossed aside, used for show then forgotten. Hope they found good homes.

 

 COMMENT 761546P agree helpful negative off topic

2017-03-05 10:57 AM

Anyone who offers anything over $20 million is crazy. There will never be sufficient water for anything but grazing, and the cost to clean up all the debris left behind is substantial. Who cares who lived there in the past, especially if they had a tainted reputation? It's a horse farm or cattle ranch if it was used like the rest of the SYV. Maybe instead of speculating, they could return it to grazing, as it historically was, and use the Williamson Act to keep it that way (and not lose so much $ on their bad investment.)

 

 COMMENT 761596P agree helpful negative off topic

2017-03-05 02:13 PM

509, check property records. Quit your BS trolling.

The land is worth a LOT. It's been cleaned up, read the articles about it. Some beautiful buildings there. Of course sellers are looking for max profit! Worth a shot, I guess. Of course some Asian, Russian or Middle Eastern oligarch/ kleptocrat will almost certainly be the buyer. Probably with multiple shell companies to shield owner's identity. Probably not until the price drops.

sale photos: http://www.joycerey.com/beverly-hills-properties/sycamore-valley-ranch/

 

 COMMENT 761597P agree helpful negative off topic

2017-03-05 02:18 PM

My sincere apology! THAT Barrack, the one who helped organize & direct the Republican convention. Again, sorry, truly.

"Colony Capital - which is headed by President Donald Trump's pal and significant fundraiser Tom Barrack - bought the loan on the property, which was reportedly around for $23 million, prior to the singer's 2009 death.
Just what stake Colony owns as compared to Michael's estate is not clear but it has been speculated that the company has the majority share, if not all of the property. According to Forbes, the company spent up to $50 million getting it back to a livable and sellable condition.
While that company may struggle to make a profit on the ranch, its loss is a wealthy buyers gain. For their $67 million, the new buyer will own 22 structures, including a giant Normandy-style main house. DAILY MAIL

Forbes article, May 2015: https://www.forbes.com/sites/erincarlyle/2015/05/29/sale-of-michael-jacksons-100-million-neverland-ranch-would-be-win-for-colony-capital/#648dd5011c8a

 

 COMMENT 761600P agree helpful negative off topic

2017-03-05 02:24 PM

Edhat and our local history. Here's the May 2015 discussion when Neverland/Sycamore was put up for sale:
http://www.edhat.com/site/tidbit.cfm?id=1215&tid=1394&art=153657

 

 COMMENT 761602P agree helpful negative off topic

2017-03-05 02:28 PM

Very interesting. Capital (Barrack) is a deal maker. Sound familiar?

509, I again sincerely apologize.

Forbes:
"Back in 2008, Michael Jackson was in dire financial straits and Fortress, the holder of $270 million in loans he owed, was about to foreclose on Neverland, according to this fantastic story in New York Magazine. Barrack's Colony Capital agreed to bail Jackson out--but only if Jackson went back to work. Colony would pay the $23.9 million note on Jackson's property and take possession of Neverland, and help arrange for the pop singer stage a comeback tour.
A representative for Barrack would not disclose the stake in Neverland that Colony now holds, but it's safe to assume that it is sizable, and possibly all of the ranch. Colony has steadily renovated the property, which was in a state of disrepair when Jackson was living there. The 2,700-acre ranch features some 22 structures"

 

 CHACHA agree helpful negative off topic

2017-03-06 09:07 AM

I've been there and it's a stunning property, nothing shabby or in disrepair about it. Personally, if I were to buy it, I'd bulldoze the house and the movie theatre because of the past, but I'm not wealthy so it's not on my agenda :)

 

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