that the timing of the Neverland Ranch sale was merely a coincidence, observers may be wondering if the property has lost the premium that an association with a beloved celebrity might provide.Jonathan Miller, president of property appraiser Miller Samuel, says the $100 million listing in 2015 was made during an era of “aspirational pricing,” when $50 million-plus listings hit the market seemingly every week. Many sellers plucked those astronomical figures simply as a way to generate buzz.
But if you look back at those properties now, virtually none sold for their listing price, says Miller. “They were never worth that,” he adds. “There was hyperbole associated with high-end property.” “It’s a great marketing hook,” Miller says, but the general consensus is that while a high-profile name may draw a lot of attention from casual observers, prospective buyers who can afford a property in the tens of millions are focusing on the data, Landi says.
Based on interviews with industry experts and data from Zillow and Redfin, Forbes values Neverland Ranch at $28 million, in line with the new asking price. Real estate agents in the area agree that the $31 million price point is likely to bring in a buyer. In fact, adjusted for inflation, that figure is actually cheaper than the $19.5 million Jackson bought the property for in 1987 .
Burn it!
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Michael Jackson’s Neverland Ranch asking price is slashed to $31 millionThe price keeps plummeting for Michael Jackson’s famed Neverland Ranch. After listing for $100 million in 2015, the late pop star’s former playground is back on the market for $31 million. Turn it into a sweat lodge retreat destination. Who wants to spend 31mil to live at a carnival? There’s pedo all over everything.
Source: latimes - 🏆 11. / 82 Read more »
Amid Documentary Controversy, Michael Jackson's Neverland Ranch Returns To Market At A $70M DiscountAfter not finding success with an asking price of $100 million in 2015, the singer's infamous estate is back on the market. Turn bad to good. Get in bed with a non profit organization with a long reputation in children's education. Boarding school for elementary age foster children. I’m ready to buy
Source: Forbes - 🏆 394. / 53 Read more »
Amid Documentary Controversy, Michael Jackson's Neverland Ranch Returns To Market At A $70M DiscountAfter not finding success with an asking price of $100 million in 2015, the singer's infamous estate is back on the market.
Source: Forbes - 🏆 394. / 53 Read more »
Michael Jackson's 'Neverland' ranch is on sale for a discounted $31 millionMichael Jackson's 'Neverland' ranch is on sale for a discounted $31 million via CNBCMakeIt MakeIt Did you say discount 😑 MakeIt Shows the state of the poor economy... This would have sold for far more MakeIt
Source: CNBC - 🏆 12. / 72 Read more »
Amid Documentary Controversy, Michael Jackson's Neverland Ranch Returns To Market At A $70M DiscountAfter not finding success with an asking price of $100 million in 2015, the singer's infamous estate is back on the market. The kind of people who have money like that can afford something nice but less controversial. So much huge discount, wow Getting close to land value. The rest will be bulldozed by the new owner.
Source: Forbes - 🏆 394. / 53 Read more »
Michael Jackson's Neverland Ranch is on the market for nearly 70% off the original price — here's a look inside the 2,700-acre property with its sprawling mansion and Disney-themed train stationThe 2,700-acre property, which has been on the market since 2015, boasts a 12,598-square-foot mansion, lakes, and a Disney-themed train station. Typo? 22,700? In 2015, the 22,700-acre property hit the market for a whopping $100 million under a new identity as Sycamore Valley Ranch. They have received offers,but they would not accept that the estate could be developed like Johnsonville,Boston,Massachusetts
Source: BusinessInsider - 🏆 729. / 51 Read more »