The Jackson family is sad to see it go...
Neverland Ranch, once the famous home of Michael Jackson, is set to be sold by investment company, Colony Capital. The 2,700 acre property, located in Los Olivos, California, is almost as famous as its former owner and once contained an amusement park, train station and zoo. While the Jackson family is unhappy that Michael's former home is going to be put up for sale, there is not much that they can do, as Colony Capital purchased the $23 million mortgage in 2008 to save Michael from going bankrupt.
"We are frustrated, bitterly disappointed and saddened that it has come to this," a rep for Michael's estate told Forbes. "Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."
Michael Jackson purchased Neverland Ranch in 1988. (WENN)
In 2008, Colony Capital arranged a deal with Michael in which both parties would manage Neverland.
"With any money Colony put into Neverland, the firm's share of equity increased while Jackson's decreased," Rolling Stone reported. "Forbes suggests that Colony has put more than $50 million into Neverland [since then]."
The iconic estate once featured a full amusement park. (WENN)
The property, which was purchased by Michael in 1988, was the location of the public viewing of Michael's body, following the singer's death in 2009. While the Jackson family is unhappy about the sale of Neverland, there is not much that they can do, given that the late singer's estate only holds a minor interest in the property now.
"We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell," the family said in a written statement, which also stated that they plan to maintain Michael's home in Encino, California, as part of his legacy. "We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property," the Jackson estate said. "Michael's memory lives on in the hearts of his fans worldwide."
Neverland Ranch has not yet been listed on the market.
