The iconic Neverland estate of Michael Jackson has been drawn into online Chinese market. The Chinese version of eBay, Taobao Pamei, has offered Michael Jackson's notorious former ranch, amusement park, and grown-up playground Neverland on the Chinese market.
Sotheby's International Real Estate listed the property for $100 million in May but no one showed interest.
According to Realtor, now called Sycamore Valley Ranch, Neverland then showed up on Taobao for Tuesday's one-day auction, according to the Xinhua News Agency. The opening bid was 500 million yuan or $78.6 million. There was one bidder who signed up for the auction bid, but in the end, declined to make it. Buyers these days are reluctant to spend huge amount of money.
The 2,700-acre estate of Michael Jackson in Los Olivos, CA was inspired by the tale of Peter Pan. The property includes a 12,000-square-foot, six bedrooms Normandy-style main house, as well as two guesthouses. The property has a swimming pool with a cabana, a stage built for shows, tennis and basketball courts, and a movie theater that seats 50.
In 1987, Jackson paid the ranch for $19.5 million, but he defaulted on his loan and it rose to $24.5 million in 2008. Colony Capital, an investment firm, then paid it up for $23 million with the intention of unloading it, but found it hard to sell.
Realtor added that the former Neverland estate of Michael Jackson is now called "Sycamore Valley Ranch," said Suzanne Perkins of Sotheby's International Realty. The amusement park rides in the vast estate are gone, the agents said, as are the orangutans and elephant, though there is still a llama on the property. The iconic clock which spells out "Neverland," is still there, and so is the Neverland Valley Fire Department structure. The train station and the railroad tracks created by Mr. Jackson are still there.
Acknowledging millions of enthusiastic fans of Michael Jackson, the listing agents warned they will be doing "extensive prequalification" of potential buyers before showing the property.
