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 nearly two years with a very significant price chop. Initially listed at $100 million, the 2,700-acre property now returns for $67 million.
The agent, Joyce Rey of Coldwell Banker Previews International, tells the Journal that the reason for the price cut is to bring the estate more in line with other values in the area, which have topped out at about $40 million.
Located in Los Olivos in the Santa Ynez Valley in the county of Santa Barbara, California, the property includes 22 structures, including a 12,598-square-foot French-Normandy style main residence designed by Robert Altevers as the personal home of builder William Bone. This house features five bedrooms plus a staff annex, five fireplaces, and 18th century French oak parquet flooring sourced from two chateaus in France.
The house is surrounded by gardens, lawns, and a lake with a waterfall, swans, boat stops, and a beach, in addition to a 14-foot lagoon-style swimming pool, sunken tennis court, and an accompanying pavilion and pool house. Also found on the property are a movie theater, dance studio, barns, corrals, separate staff facilities, a guesthouse, Disney-style train station, private fire station, and just about everything else you possibly couldn’t imagine.
Michael Jackson bought the property in 1987 for $19.5 million and at one point used the property to back a $24.5 million loan. After Jackson defaulted on it, investment firm Colony Capital bought the note in 2008 and set up a joint ownership with him.