Michael Jackson‘s iconic Neverland Ranch is being sold, RadarOnline.com is exclusively reporting.
Colony Capital, the organization that owns a primary stake in the ownership of the Santa Ynez property, has decided to sell it.
The ranch property itself was co-owned by Jackson and Colony Capital, which bought out Jackson’s $23 million mortgage just as the property was about to go into foreclosure. The 2,500-acre ranch in the Santa Ynez Valley area of Santa Barbara County has an assessed value of $27 million.
On Thursday, officials with the Jackson estate issued a statement to fans:
“We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael’s lifetime, Colony has the right to sell. The estate will maintain Michael’s family home in Encino, including its iconic recording studio there.”
“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 price tag for Neverland could fetch nearly $60 million