Michael Jackson Net Worth: The King of Pop's Neverland Property Up for Sale; Fans Exerting Efforts to Stop the Sale from Happening
When the late 'King of Pop' Michael Jackson's estate has been put for sale, fans made several attempts to block the sale through online petitions and boycott threats. Will their efforts prevail?
Fans of Michael Jackson have expressed their disappointment upon hearing that the late King of Pop's 'Neverland' property is up for sale. Numerous online petitions and a threat to boycott Michael Jackson products in the future were also part of the efforts of his fans as Colony Capital is quite determined to proceed with the sale.
Michael Jackson has touched the hearts of millions of fans worldwide, even by his sudden death six years ago. But despite the loss, fans have felt that Jackson is still with them through one of his legacies, the Neverland Ranch, which is also his home. Fans have become aggravated upon hearing that the co-owner of the property, Colony Capital, is set to have it up for sale for a value of $100 million. The fans also indicated that they will continue their efforts until Jackson's Neverland will be placed under the possession of the late superstar's children.
Following Colony Capital's decision to sell, 8,000 of Jackson's fans signed an online petition to stop the developments of the sale and threatened to boycott his future products if their demands would not be met. Despite their efforts, lawyers of the estate revealed that, indeed, Colony Capital has the right to put the property up for sale. According to Radar Online, the lawyers indicated that Colony Capital owns a majority of the property as they once bought Jackson's $23 million mortgage to stop Neverland from being foreclosed. There was also a signed agreement between the late Jackson and Colony Capital stating that the latter has the right to sell the property.
As agitated as the fans felt about this reality, the lawyers of the estate also relayed to them that they themselves were disappointed that Colony Capital decided to sell but do not have any legal rights to interfere with Colony Capital's decision.
According to Suzanne Perkins of Sotheby's International Realty, as indicated in an article by International Business Times, the Neverland property is valued at $100 million at present, although it would have been valued higher if the amusement parks were still available and if there were still exotic animals present. Also, the property's value depreciated when it was renamed as Sycamore Valley Ranch. However, there are still features in the property that are quite interesting such as the train track, the train station, the floral clock that reads 'Neverland,' and the Neverland Fire Department building. Initially, Jackson purchased the property at $19.5 million in 1987 in Los Olivos, California. Since then, Colony Capital has put in finances for the maintenance of the property, which gave them more rights over it other than their fair share of $23 million.
In addition to the above features, the lucky buyer of Jackson's Neverland property will also get a ranch with six bedrooms, two guest houses, a barbeque area, a pool, a basketball court, and a movie theater that has a trap door on the stage for magic tricks.
