share

Michael Jackson's Neverland is on sale

The late King of Pop's former home will be put on the market to recoup the debt owed on the property

By Andrea Tim | Published: 1 Aug 2014

Neverland to be sold
Photo: Jason Kirk/Getty Images

Michael Jackson's famous Neverland Ranch in Santa Barbara is to be sold. Colony Capital, a real estate company who owns a primary stake in the estate, will reportedly put the property on the market.

Colony Capital bought out the late singer's $23 million mortgage to save it from foreclosure in 2008. The sale is to recoup the debt owed on Neverland.

"Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs," a source told RadarOnline.com.

Neverland is worth approximately $27 million, but it is believed that the ranch can potentially fetch a whopping $60 million because of its celebrated former owner. Michael bought the 3,000 acre property in 1988 and lived there until his child molestation trial in 2004.

Although officials from Michael's estate are "saddened" by the news of the sale, they intend to maintain the Thriller hitmaker's legacy at his former home.

"We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property," they said.

Neverland may soon have a new owner, but to millions all over the world, it will always be home to the memory of the inimitable King of Pop.


Most Popular

Advertisement

MORE, MORE, MORE

Elfira's award

Elfira's award

The actress hopes that the national recognition she's received will inspire her peers to achieve success

Gotham engagement

Gotham engagement

James Gorden and Lee Thompkins are going to get their happily ever after in real life

ELLE Instagram
Amanda is pregnant

Amanda is pregnant

The actress and her fiancÚ Thomas Sadoski are expecting their first child

Gaga talks Kinney

Gaga talks Kinney

The singer tears up while discussing how difficult it actually is to adjust to fame, hints at why she and Taylor Kinney broke up

Mariah talks split

Mariah talks split

"If it's meant to be, it's meant to be and if it's not then ultimately you just have to accept that and move on," she said

Advertisement
Kanye hospitalised

Kanye hospitalised

Sources say that the rapper was convinced that "people were out to get him"

2NE1 disbands

2NE1 disbands

The K-pop girl group is parting ways after seven years together

ELLE Instagram