Michael Jackson's Neverland Ranch, now recognized as Sycamore Valley Ranch, has hit the industry but again.
This time, the 2,700-acre estate, positioned in California's Santa Ynez Valley, has an asking value of $67 million — a substantial drop from the $100 million cost tag it had back in 2015.
According to a report in the Los Angeles Instances, listing agent Joyce Rey of Coldwell Banker mentioned the original price permitted private equity firm Colony Capital, which entered into an ownership agreement with Jackson in 2008, "time to improved decide the future of the ranch."
"This quintessential California estate is now ready for the subsequent chapter in its journey," she mentioned.
Jackson, who died in 2009, purchased the ranch in 1987 for $19.five million and lived here for 15 years, according to a 2015 report from the Wall Street Journal. The newspaper also reported that in 2008, just after the King of Pop defaulted on a $24.five million loan, Colony Capital bought the note for $23 million, formed a joint venture with the singer, and spent millions on upgrades with the intention of promoting it.
According to the listing, which Rey's workplace confirmed to ABC News was posted right now, the 12,598 sq. ft. principal residence features 16 bedrooms and 29 bathrooms. The home also boasts a lake, a pool home near a 14-foot deep lagoon-style pool, a film theater, dance studio, barns, corrals and separate staff facilities.
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