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Neverland Ranch Market Price Falls to $67 Million
updated: Mar 04, 2017, 2:00 PM

By the Dedicated Staff of edhat.com

The market price for Michael Jackson's Neverland Ranch has fallen to $67 million, a 33 percent price drop from its original price tag of $100 million, the Los Angeles Times reported.

(Photo by John Wiley )

The 2,700 acre property in located in Los Olivos. The ranch's main feature is a 13,000 square foot Normandy-style mansion that was built in 1982 by architect Robert Altevers and features six bedrooms and attached staff quarters.

Among the near two dozen structures on the property are a four-bedroom guesthouse a two-bedroom guesthouse. The property also features two lakes, a swimming pool with a cabana, a barbecue area, a basketball court, a tennis court and a 50-seat movie theater with a private viewing balcony, and stage that includes trap doors for magic shows.

(Photo by John Wiley )

Jackson purchased the property in 1987 for $19.5 million and lived at the residence until 2005. He defaulted on a $24.5 million loan and formed a joint venture in 2008. In 2009, the year of Jackson's death, Colony Capital purchased the ranch for $22.5 million.

Joyce Rey of Coldwell Banker is the listing agent for the multimillion dollar property.

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