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Jim Bartsch

Perhaps the third time is the charm. The Southern California ranch that once belonged to the late pop star Michael Jackson has returned to the market, this time for a majorly discounted $31 million, according to the Wall Street Journal.

Once known as Neverland Ranch, the property first landed on the market in 2015 for a whopping $100 million. After two years, the price was cut to $67 million, but still failed to connect with a buyer.

Now the property is really ready for a new owner—demonstrated by a price that’s finally in line with comparable properties in the area.

“Nothing has changed, just the price—dramatically so,” says listing agent Suzanne Perkins. “The ranch is still as beautiful as it was. The structures, landscaping, all are being maintained. Nothing’s really changed other than the sellers have come to a realistic price.”

The price may be right, but the timing is awkward. The property is also the backdrop of an explosive new, two-part documentary on HBO, “Leaving Neverland,” that details allegations by two of Jackson’s former protégés that the musician molested them when they were children.

Jackson, who died in 2009, always denied the allegations of sexual abuse, as did his family.

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Watch: A Real Estate Thriller: Can a Massive Price Cut Sell Michael Jackson’s ‘Neverland’?

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Built in 1982 and designed by Robert Altevers, the sprawling estate was purchased by Jackson in 1987 for $19.5 million. He lived there for over 15 years. 

Main house at Neverland Ranch

Jim Bartsch

4-acre lake

Jim Bartsch

Train station with flower clock

Jim Bartsch

Llama at the petting zoo

Jim Bartsch

Pool and pool house

Jim Bartsch

After financial troubles caused Jackson to default on a loan covered by the ranch, the investment firm Colony Capital bought the note for $23 million in 2008 and put the title into a joint venture it formed with the pop star. Colony in turn spent millions on property upgrades, with the intention of selling the spread. The ranch currently belongs to Colony and Jackson’s estate.

Now called Sycamore Valley Ranch, the listing includes a 12,598-square-foot, French Normandy–style main house with six bedrooms, seven baths, and two-half baths. The first-floor master suite comes with a private loft and two master baths.

The 2,698-acre ranch is just 5 miles north of the town of Los Olivos, about 50 miles from Santa Barbara. The grounds include a 4-acre lake with a waterfall, mountain views, a barbecue area, pool, pool house, and tennis court. 

Beyond the main house there are multiple buildings on the property, including three separate guest homes, a 5,500-square-foot movie theater with a stage, several barns, animal shelter facilities, corrals, and a maintenance shop. 

The train station and train tracks still remain, as well as structures like a playhouse, an entertainment patio, and paths and gardens. The amusement park rides from Jackson’s days are long gone, but a llama still resides at the petting zoo.

The post Neverland No Longer, Michael Jackson’s Ranch Gets Massive $69M Price Cut appeared first on Real Estate News & Insights | realtor.com®.

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