Some people would think that a home owned by an immensely popular celebrity - and a music legend at that - would easily attract numerous buyers. However, such is not the case with the late Michael Jackson's Neverland Ranch. The celebrity home has been unsold after being listed on the market in May last year for $100 million.
Bloomberg pointed out the reason why Jackson's real estate property is still unsold after almost a year. According to the news site, it's not because of a "stubborn seller or lack of draw" but because of the slow sale of luxury homes.
"The uber-luxury high-end market is not anywhere near where it was three, four, five years ago," said Brendon DeSimone, real estate expert with listings site Zillow.com. "That market has just really slowed down, and there are only so many billionaires who can afford to buy these homes."
The report further states that those who can afford the property are actually looking for safer places to invest their money in. Unfortunately for Michael Jackson's Neverland Ranch, which is now known as Sycamore Valley Ranch, its location is considered by most as its major hurdle as it's "off the beaten luxury path." It's located in Los Olivos, around 130 miles off northeast Los Angeles, which is reportedly far from luxury homes. Most high-end homes can reportedly be found in L.A., New York, San Francisco, and Miami.
Nevertheless, there may be some billionaires out there who may be interested in the Neverland Ranch. After all, the celebrity home offers lavish -- some peculiar -- amenities, according to Luxury Listings. These include a movie theater that can accommodate 50 people, a train station, a four-acre lake with waterfall, a pool house, a tennis court and more. The home also has six bedrooms and three guest houses. Spectacular views from the countryside can also be enjoyed from the property.
