Saturday, August 31, 2019

Michael Jackson's Neverland Ranch is on the market for nearly 70% off its original price. Here's a look inside the 2,700-acre property

michael jackson ranch
Jackson's former property was originally listed for $100 million.
 Jim Bartsch
Michael Jackson's famed Neverland Ranch is back on the market for $31 million, less than half of its previous listing price of $67 million.
In 2015, the 22,700-acre property hit the market for a whopping $100 million under a new identity as Sycamore Valley Ranch.
But the 12,598-square-foot French-Normandy style residence located in Los Olivos, California sat on the market for two years before its price was slashed to $67 million in 2017.
Jackson, who bought the property for $19.5 million in 1987, defaulted on a loan after financial hardships and entered Neverland into an ownership agreement with private investment firm Colony Capital in 2008 for $23 million, according to ABC News.
After millions of dollars in renovations, the 2,700-acre ranch boasts a main residence with five bedrooms and eight bathrooms, two guesthouses, a four-acre lake, a 50-seat movie theatre, a tennis court, a 14-foot lagoon-style pool, a dance studio, barns, and separate staff facilities.
The listing is held by Suzanne Perkins and Kyle Forsyth of Compass.
For $31 million, the King of Pop's former home could be yours, although you'll have to pass "extensive prequalification," according to The Wall Street Journal. Here's what Sycamore Valley Ranch has to offer.

Welcome to Sycamore Valley Ranch, the former Neverland Ranch that once belonged to Michael Jackson. Jackson originally purchased the property for $19.5 million in 1987.

But the owners did decide to keep Jackson's famous Neverland train station during renovations.Jim Bartsch
SourceVariety

The 2,700-acre property is on the market for $31 million.

SourceBloomberg

That's a discount of $69 million — or nearly 70% — from its original $100 million listing price in 2015.

That's a discount of $69 million — or nearly 70% — from its original $100 million listing price in 2015.Jim Bartsch
SourceBloomberg

The ranch spans 2,700 acres in California, about 130 miles northeast of Los Angeles.

The ranch spans 2,700 acres in California, about 130 miles northeast of Los Angeles.Bill Dewey

Under Jackson's ownership, Neverland Ranch was a Peter-Pan inspired fantasyland with an amusement park, exotic animals ...

Under Jackson's ownership, Neverland Ranch was a Peter-Pan inspired fantasyland with an amusement park, exotic animals ...Jim Bartsch
SourceCBS News

... and a Disney-themed train station. Jackson famously threw parties and held events at the ranch, including a 14th birthday party for Kim Kardashian, who called the ranch "the most magical place on earth."

... and a Disney-themed train station. Jackson famously threw parties and held events at the ranch, including a 14th birthday party for Kim Kardashian, who called the ranch
The Disney-themed train station at Michael Jackson's former ranch.
 Jim Bartsch
SourcePopSugar

But in 1993, Jackson and his home made headlines when child sexual abuse allegations were brought against him. He would go on to defend himself against more lawsuits over the next decade, which contributed to his mounting debt. By 2008, he faced foreclosure on Neverland Ranch.

But in 1993, Jackson and his home made headlines when child sexual abuse allegations were brought against him. He would go on to defend himself against more lawsuits over the next decade, which contributed to his mounting debt. By 2008, he faced foreclosure on Neverland Ranch.Hector Mata/Associated Press
SourceBillboard

After he defaulted on a loan, Jackson entered Neverland into an ownership agreement with private investment firm Colony Capital for $23 million.

After he defaulted on a loan, Jackson entered Neverland into an ownership agreement with private investment firm Colony Capital for $23 million.Mark J. Terrill/Associated Press
SourceABC News

Colony Capital spent millions restoring the ranch after Jackson's death in 2009.

Colony Capital spent millions restoring the ranch after Jackson's death in 2009.Jim Bartsch
SourceABC News

Neverland Ranch was rebranded as Sycamore Valley Ranch and put on the market for $100 million in 2015.

Neverland Ranch was rebranded as Sycamore Valley Ranch and put on the market for $100 million in 2015.Jim Bartsch

It was renamed Sycamore Valley Ranch for the rolling hills, majestic sycamore trees, magnificent oaks, and manicured grounds that Santa Ynez Valley is known for.

There are a few possible reasons why Sycamore Valley Ranch hasn't sold yet.

According to Zillow real estate expert Brendon DeSimone, the property sits about 130 miles northeast of Los Angeles and five miles from Los Olivos, which is outside of the proliferation of highest-end homes.

According to Zillow real estate expert Brendon DeSimone, the property sits about 130 miles northeast of Los Angeles and five miles from Los Olivos, which is outside of the proliferation of highest-end homes.Jim Bartsch
SourceBloomberg

The property also wasn't at its most attractive during California's drought, one of the listing agents, Kyle Forsyth, told the Wall Street Journal.

The property also wasn't at its most attractive during California's drought, one of the listing agents, Kyle Forsyth, told the Wall Street Journal.Jim Bartsch

That's not to say there isn't a chance for Jackson's former home to sell. It's typical for properties listed for more than $3 million in Santa Ynez Valley to be on the market for two to three years, Village Properties real estate broker Wayne S. Natale told Bloomberg.

That's not to say there isn't a chance for Jackson's former home to sell. It's typical for properties listed for more than $3 million in Santa Ynez Valley to be on the market for two to three years, Village Properties real estate broker Wayne S. Natale told Bloomberg.Jim Bartsch
SourceBloomberg

Sycamore Valley Ranch is secured by a gate, and a long, scenic road weaves through the property grounds leading you to various points of interest.

Sycamore Valley Ranch is secured by a gate, and a long, scenic road weaves through the property grounds leading you to various points of interest.Jim Bartsch

The property boasts a 12,598-square-foot French-Normandy style main residence with five bedrooms and eight bathrooms.

The property boasts a 12,598-square-foot French-Normandy style main residence with five bedrooms and eight bathrooms.Jim Bartsch

The mansion is crafted with exposed timber beams, brick and stonework, five fireplaces, and 18th-century French oak parquet flooring from two chateaus in France.

Entering through the front doors brings you inside to the spacious main foyer. The door to the right connects to the kitchen.

Entering through the front doors brings you inside to the spacious main foyer. The door to the right connects to the kitchen.Phil Klein/Reuters

Large golden chandeliers hang over the lofted main entryway.

Large golden chandeliers hang over the lofted main entryway.Carolyn Kaster/Associated Press

Down a few sets of stairs from the foyer is the main living room with two fireplaces.

Down a few sets of stairs from the foyer is the main living room with two fireplaces.Phil Klein/Reuters

Walking back through the main foyer under an arched doorway brings you to the newly renovated kitchen.

Walking back through the main foyer under an arched doorway brings you to the newly renovated kitchen.Phil Klein/Reuters

Though the main house is unoccupied, a full-time staff keeps the kitchen pristine.

Though the main house is unoccupied, a full-time staff keeps the kitchen pristine.Carolyn Kaster/Associated Press

Sycamore Valley Ranch has a guest house about 150 feet from the main house, where staff members can reside.

Sycamore Valley Ranch has a guest house about 150 feet from the main house, where staff members can reside.Jim Bartsch

Walking through the kitchen to the main dining room, you'll find more wall-length windows that offer a view of the backyard.

Walking through the kitchen to the main dining room, you'll find more wall-length windows that offer a view of the backyard.Carolyn Kaster/Associated Press

A hallway lined with windows connects you from the dining room to other rooms on the first floor.

A hallway lined with windows connects you from the dining room to other rooms on the first floor.Carolyn Kaster/Associated Press

There are eight bathrooms in the main residence. This one features a copper bathtub.

There are eight bathrooms in the main residence. This one features a copper bathtub.Phil Klein/Reuters

Down the hallway is the first-floor master bedroom where the King of Pop slept. The master includes a private loft and two baths, two walk-in cedar-lined closets, and a private outdoor garden.

Down the hallway is the first-floor master bedroom where the King of Pop slept. The master includes a private loft and two baths, two walk-in cedar-lined closets, and a private outdoor garden.Carolyn Kaster/Associated Press

A massive walk-in closet connects you to the master bedroom and bathroom. Jackson stored valuables in a "secret room" hidden around the corner in his closet, according to the Associated Press.

A massive walk-in closet connects you to the master bedroom and bathroom. Jackson stored valuables in a Carolyn Kaster/Associated Press

The master bathroom sports a sunken bathtub and is surrounded by large windows.

The master bathroom sports a sunken bathtub and is surrounded by large windows.Carolyn Kaster/Associated Press

Exiting the master bedroom will bring you back to the hallway. Continue down the hallway back to the foyer and you'll find a staircase.

Exiting the master bedroom will bring you back to the hallway. Continue down the hallway back to the foyer and you'll find a staircase.Carolyn Kaster/Associated Press

Moving up the stairs to the second floor, you'll find four bedrooms. Here is an upstairs bedroom with polished oak flooring.

Moving up the stairs to the second floor, you'll find four bedrooms. Here is an upstairs bedroom with polished oak flooring.Carolyn Kaster/Associated Press

Walking down a hallway will lead you to another bedroom with white carpeting and walls lined with shelves.

Walking down a hallway will lead you to another bedroom with white carpeting and walls lined with shelves.Phil Klein/Reuters

Coming back down the stairs to the first floor, you'll see doors across the main entryway that lead you to the back grounds of the ranch.

Coming back down the stairs to the first floor, you'll see doors across the main entryway that lead you to the back grounds of the ranch.Carolyn Kaster/Associated Press

The property's grounds include two guest houses, a lake, a 50-seat movie theatre, a tennis court, a 14-foot lagoon-style pool, a pool house, barns, and separate staff facilities.

Next to the pool house is a sunken, lighted tennis court with a viewing area.

The grounds of the property are extensively manicured ...

... full of stone work and colorful flower beds.

... full of stone work and colorful flower beds.Jim Bartsch

The property features a four-acre lake with two fountains, swans, boat stops, and a private beach.

The property features a four-acre lake with two fountains, swans, boat stops, and a private beach.Jim Bartsch

Whimsical statues can be seen around the grounds.

Whimsical statues can be seen around the grounds.Jim Bartsch

Other playful touches include this tree, which has a set of steps to climb up.

Other playful touches include this tree, which has a set of steps to climb up.Jim Bartsch

A gazebo complete with lighting and a grill offers a space for outdoor entertaining.

Although Sycamore Valley Ranch no longer has exotic animals like elephants, you can still find pigs, lambs, and a llama on the property.

Although Sycamore Valley Ranch no longer has exotic animals like elephants, you can still find pigs, lambs, and a llama on the property.Jim Bartsch

The ranch's large red barn was built originally for Clydesdales.

Neverland Ranch used to include an amusement park. But Colony Capital turned the area into a "zen garden" when it purchased the ranch in 2008.

Neverland Ranch used to include an amusement park. But Colony Capital turned the area into a Mark J. Terrill/Associated Press

But the owners did decide to keep Jackson's famous Neverland train station during renovations.

But the owners did decide to keep Jackson's famous Neverland train station during renovations.Jim Bartsch

Train tracks weave all around the property ...

Train tracks weave all around the property ...Phil Klein/Reuters

... along with whimsical train stops.

... along with whimsical train stops.Jim Bartsch

Children and adults both used to ride in the train when Jackson threw parties, like during this holiday celebration in 2004.

Children and adults both used to ride in the train when Jackson threw parties, like during this holiday celebration in 2004.Associated Press

Jackson lived on the ranch for more than 15 years.

Jackson lived on the ranch for more than 15 years.

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