Margie Patton
Staff Writer
If you are a Michael Jackson super-fan (and incredibly wealthy), your dream to own Neverland Ranch could come true.
Forbes has reported that Jackson’s famous fantastical 2,700-acre estate in Los Olivos, California will soon be on the market.
The Colony Capital company has actually been the manager of Neverland Ranch since working out a deal with Jackson in 2007. As part of the arrangement, the company assumed the property’s $23 million debt. In the following years, the firm has been hit with the harsh realities of maintaining a Fantasy world. Colony Capital has now invested over $50 million in the estate, including over $5 million a year in upkeep.
Now Colony Capital has decided not to toss any more of its pennies into Neverland’s wishing well and will be putting the estate up for sale.
The Jackson family was noticeably upset by the news, with a rep telling Forbes, “We are frustrated, bitterly disappointed, and saddened that it has come to this… Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”
Any ideas for the family to buy the property back and turn it into a tourist attraction have also been rendered unfeasible. The property’s remote location, possible zoning laws, and most of all, an unresolved $702 million tax bill will more than likely mean that regular Jackson fans will not be able to live the Neverland experience, at least not any time soon.
So how about it PopWrappers? If you had millions upon millions at your disposal, would you buy Neverland Ranch? Let us know in the comments!
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