Michael Jackson's Neverland Ranch may be sold soon. Thomas Barrack Jr of Colony Capital told Bloomberg: "We've really just been custodians of an irreplaceable estate and are proud to say we've restored it to the original elegance Michael first envisioned. We are now considering putting it up for sale."
Colony Capital bought out Jackson's $23 million mortgage on Neverland back in 2008 when the late singer was facing foreclosure at the property. The property had undergone a recent restoration after years of neglect. The total is estate comprised of 22 buildings, including guest houses, apartments and a drive-in movie theater. However, the fairground with its own amusement rides and other theme park attractions, for which it was best known, has been replaced by a tranquil "Zen garden." Real estate experts expect the 2,700-acre Los Olivos property to fetch about $60 million.
The Jackson family is not too happy with the Colony Capital's decision to sell Neverland Ranch. In a statement, the family's representative said, "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....We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide."
The Neverland Ranch also has its share of controversy. In 2004, the place was raided by the police as part of an investigation into the late singer's alleged impropriety with minors. While he was cleared of of the alleged misconduct with minors, Jackson who moved out of the property in 2005 never returned to Neverland because he said it no longer felt like home.
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