Michael Jackson’s Neverland Ranch has been readied for sale in Los Olivos, California.
The late King of Pop bought the home from golf-course entrepreneur William Bone in 1988 and famously opened his own amusement park and petting zoo, where he entertained fans.
In a 2011 interview with Bloomberg TV, Colony Capital CEO Thomas Barrack said the estate “has not only the beautiful spirit and softness of Michael, but a legacy of a thousand years of Indian culture that had transacted upon it. So we’ve just been restoring it, renovating it.”
Barrack told Bloomberg last week that the estate could be worth between US $35 and $50 million as California real estate values surge. He also told the newswire that the property could not be developed into a tourist attraction due to very strict zoning laws in the state.
The 2,680-acre estate is 210 kilometres northwest of LA in the Santa Ynez Valley, known for its wineries.
The King of Pop named his former home after the island home of Peter Pan’s Lost Boys, but the ranch gained infamy following a police investigation into allegations of child molestation at the home. Jackson stopped visiting the ranch after his acquittal in 2005.
