The late legend and king of pop, Michael Jackson had built a massive property that was called Neverland Ranch. Recently, the name of the Neverland Ranch was transformed and it is now known by the name of Sycamore Valley Ranch. After the iconic star passed away, various deals and negotiations and heated discussions have followed about the sale of this enormous property and now this ranch has hit the estate market one more time.
The former Neverland Ranch, now Sycamore valley Ranch, is an estate that stretches across the area of approximately 2,700 acres. It is situated in Santa Ynez Valley of California. To sell this ranch, the dealers were asking for a sum of 100 million dollars initially (that is in the year 2015), but now the demand for the price has dropped down to 67 million dollars, which is a major drop.
The Los Angeles Times recently reported that Joyce Rey who was the listing agent of Coldwell Banker had said in a statement that the 100 million dollars price permitted Colony Capital, which was a private equity firm. This firm had engaged themselves in the ownership agreement with Michael Jackson himself in the year 2008. This deal was made because according to both Michael Jackson and the equity firm it was time to determine the ranch’s future.
Joyce Rey said that she believes that thus the quintessential estate located in California is ready to move ahead and commence a new chapter in its upcoming journey.
By changing the name of Michael Jackson’s ranch from Neverland to Sycamore Valley Ranch, the dealers are expecting to create more buzz in the market.
A report of the Wall Street Journal from the year 2015 said that the magnificent Michael Jackson who demised in the year 2009 had bought the ranch in the year 1987 for an amount worth 19.5 million dollars. This ranch was his home for 15 long years. The report also stated that in the year 2008, the Colony Capital had purchased a note for a sum of 23 million dollars and formed the joint venture with the talented singer.
The listing received from the office of Rey confirmed to ABC News that the 12,598 sq. ft. ranch comprised of a main residence that has 16 bedrooms in addition to 29 bathrooms. This property also houses a beautiful lake, an awesome pool house which is near to a lagoon styled pool that is 14-foot, dance studio, movie theatre, corrals and barns along with various separate facilities for all staff.