Michael Jackson's Neverland Ranch is opening its doors yet again for potential buyers, as it is back in the market for a hefty $100M. Those who are of care of this historic property has created a virtual tour of the vast land, and this move hopes that it could attract the right buyer.
Neverland Ranch lies on a 2,700-acre land in Los Olivos, California, and the King of Pop renamed it from its former name Sycamore Valley Ranch once he bought it in 1987. The estate then was only worth $19.5M. There is no surprise with the huge price boost, because Michael Jackson added a ton of new features of it that are similar to a carnival's. Colony Capital then bought the property back in 2009 prior to his death, when the 'Billie Jean' singer failed to pay back a loan. Colony Capital, however, promised to stay within Michael Jackson's vision on the said lot.
Future buyers, although they have complete free will of Neverland Ranch, are asked to keep at least a lot of the original elements of the said house -- after all, it was the King of Pop himself who lived a good amount of his life there. They expect the next owner to pay their respects to the legendary singer.
A new report says that Neverland Ranch may likely be sold to a Chinese buyer. The co-founders of Luxify, a luxury real estate company based in Hong Kong, say "You have to remember that Chinese people are the biggest foreign investors in the US property market" so they are working hard in finding the right buyer for Neverland Ranch, which is just one of many luxury real estate properties being sold on the website. This move of selling in on the Asian market is prompted by the fact that the ranch has been on the market for quite some time now. Hopefully in 2016, Neverland Ranch will be in the hands of someone who deserves it.