Take A Rare Drone Video Tour Of Michael Jackson's Neverland Ranch – Which Just Got A $33 Million Price Reduction

By on September 21, 2018 in ArticlesCelebrity Homes

As you probably know, Michael Jackson lived much of his adult life at a sprawling estate that he dubbed Neverland Ranch. Located in Los Olivos, California, in Santa Babara County, Neverland has been on the market since 2015. Unfortunately, it has struggled to find a buyer even after being renovated, renamed and reduced (in price). Here's a brief history of Neverland and a rare drone video tour courtesy of the real estate agent…

Michael Jackson purchased Neverland Ranch in 1987 for $19.5 million. That's the same as around $44 million in today's inflation-adjusted dollars. After acquiring the 2700 acre property, Jackson proceeded to build an elaborate fantasy land complete with an amusement park, exotic animals and a working train. The upgrades and additions cost him millions of dollars. The property was built in a Peter Pan theme, a nod to Michael's feelings about his own arrested development thanks to early fame and lost childhood.

He threw lavish parties for friends, family and even strangers at the house. Kim Kardashian's 14th birthday was held at the ranch thanks to her dad's business connections to Michael. Elizabeth Taylor got married there in 1991.

The main residence of the property is a 12,600 square foot French-Normandy style mansion. The house features 5 bedrooms, 8 bathrooms, a dance studio, a 50-person movie theater and much more. There's a four acre lake, tennis courts, a basketball court, barns and multiple guest/staff houses. In total there are 22 structures on the property.

After Michael faced child molestation charges in 1993 and then again in 2003, Michael's career and liquid financial status were permanently damaged. He no longer had the income that was necessary to pay the mortgage and the estimated $1 million per year in upkeep costs. At one point he defaulted on what had ballooned to a $25 million debt connected to the property.

In 2008 Michael was facing foreclosure. His bank sold the $25 million debt to a private equity firm called Colony Capital for $23 million.

After Jackson died in 2009, Colony spent millions on upgrades intending to sell the property as soon as possible. They changed the name from Neverland Ranch to Sycamore Valley Ranch. They listed it for $100 million.

That was nearly 10 years ago.

Maybe it's bad vibes from the former owner, maybe the price was too high, but potential buyers have not shown much interest in the property. Recently Colony reduced the price to $67 million. If that sounds enticing to you, check out this rare drone video tour of the property from the real estate agent and maybe you can set up an in-person tour!