Michael Jackson’s Neverland Ranch back on market with price slashed by US$69 million
- Price drop on late star’s former home came just days before US television airs documentary by two men who claim Jackson sexually abused them
The 1,093 hectare (2,700-acre) estate near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms and three guest houses, a 1.6 hectare lake with a waterfall, tennis courts, several barns and animal shelter facilities.
The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Kyle Forsyth, one of the listing agents, told US media.
He said the compound has been well maintained and “with the drought ending and the Santa Ynez Valley in full bloom”, now was the best time to sell.
Jackson reportedly paid US$19.5 million for the property in the 1980s but a property investment firm bought it in 2008 for US$22.5 million after the singer defaulted on a loan.