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August 7, 2014
Star Entertainment



 

Neverland Ranch for sale

Michael Jackson's famous Neverland Ranch is to be sold.

The Santa Barbara property will reportedly be put on the market by Colony Capital - who own a primary stake in the estate - after buying out the late singer's $23 million mortgage to save it from foreclosure in 2008, in order to recoup the debt they are owed on the house.

A source told RadarOnline.com: "Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs."

The property is worth around $27 million, but insiders believe it could fetch as much as $60 million because of its famous former owner.

Officials from Michael's estate said they are "saddened" by the news of the sale, but insist they plan to keep the legacy of the Thriller hitmaker - who died of acute Propofol intoxication in June 2009 - going strong at his other former home.

They said in a statement: "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 estate will maintain Michael's family home in Encino, including its iconic recording studio there."

The estate went on to appeal to any buyer of Neverland to respect the "historical importance" of the property.

Michael bought the 3,000-acre property in 1988 and lived there until his child molestation trial in 2004.

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