A real estate investment firm is set to put Michael Jackson's sprawling Neverland Valley Ranch, modeled after the fantasy island in the story of Peter Pan, on the market in order to recoup an investment it made in the property six years ago.
Experts said the 2,700-acre Los Olivos, Calif. estate could fetch as much as $60 million as a result of its celebrity owner. The estate comprises a total 22 buildings, including guest houses, apartments and even a movie theater. But the property's biggest selling point, the bustling fairground for which it was best known, has been replaced by a tranquil "Zen garden."
The Ferris wheel, swings and other fairground rides were removed as part of a restoration project masterminded by the late singer's children last year.
The investment firm, Colony Capital, bought out the late King of Pop's $23 million mortgage on Neverland in 2008 when the singer was facing foreclosure at the property. Now, it wants its money back. The Jackson estate said it's unhappy to lose the ranch but buying it back from Colony would be a big expense, not to mention the cost of maintaining it in the future.
Jackson bought the house in 1988 from William Bone, a golf course mogul, and lived there until 2004 when the cops raided the place as part of an investigation into his alleged sexual misconduct with minors.
After the raid, Jackson reportedly said Neverland no longer felt like home.
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