Michael Jackson’s Neverland estate gets a price chop to $67M

From Luxury Listings NYC: There aren’t many people who can afford a $100 million property, and even less, it seems, who want to spend that much money on Michael Jackson’s weird Neverland estate in Los Olivos, California, which just reduced its asking price from $100 million to $67 million, according to the Wall Street Journal.

“This price is more in line with values in the area,” Joyce Rey of Coldwell Banker Previews International told the Journal. The price was initially set that high because the sellers — a fund managed by Colony NorthStar and Jackson’s estate — insisted, and it took nearly two years of it lingering on the market and a different brokerage firm to convince them to lower it.

Jackson bought the property for $19.5 million in 1987, and added all sorts of weird touches that are still on the property like a floral clock that spells out Neverland, train tracks and a railroad station, and a few exotic animals including swans and a llama. Colony NorthStar bought the property in a joint venture with Jackson in 2008 when he defaulted on a $24.5 million loan against the property.

The property has been renamed Sycamore Ranch, and spans 2,700 acres and has 22 structures, including a 12,600-square-foot main house with five bedrooms and space for staff, and a building with a 50-seat movie theater and a dance studio. [WSJ]