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
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.