LOS ANGELES Michael Jackson's Neverland Ranch in California is back on the market for US$31 million , a steep cut from the US$100 million asking price four years ago.
The 1,093ha estate located near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms along with three guest houses, a lake with a waterfall, tennis courts, several barns and animal shelter facilities. The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Mr Kyle Forsyth, one of the listing agents, told US media.
He said the compound has been well maintained and"with the drought ending and the Santa Ynez Valley in full bloom", now was the best time to sell. Jackson reportedly paid US$19.5 million for the property in the 1980s, but a real estate investment company bought it in 2008 for US$22.5 million after the singer defaulted on a loan.
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