Michael Jackson’s notorious Neverland Ranch compound in Los Olivos, California will soon hit the market.
In 2007, Jackson struck a deal with billionaire Tom Barrack’s Colony Capital to co-manage the 2,700-acre abandoned fantasyland. But as maintenance costs have ballooned over the years to some $5 million a year, Colony Capital began to lose on the investment.
There was some talk of transforming the property into a tourist attraction similar to Elvis’ Graceland, but zoning restrictions made those plans difficult to realize, according to Curbed.
The estate includes a roller coaster, Ferris wheel, train, stables, a fire department, and 22 buildings.
And while it isn’t known how much the estate will ask, Forbes writes that “back-of-the-envelope math suggests the firm may have invested more than $50M in the property to date.”
[Curbed] – Christopher Cameron