Michael Jackson’s Neverland ranch has huge price cut

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Neverland Ranch, which failed to find a buyer after the King of Pop’s death, is being reintroduced to the market, with a giant price cut and a new name. The property, which has been saddled with the more homogenized moniker “Sycamore Valley Ranch,” carries a $67 million price tag. That’s a $33 million drop from the original asking price two years ago.

While it no longer has some of its iconic features, Neverland — sorry, Coldwell Banker, is still a unique piece of property. Located about 30 minutes from downtown Santa Barbara, California, it spans 2,700 acres and includes a mountain on the grounds that Jackson named after his mother. The estate boasts live oaks that are more than 100 years old and borders the Los Padres National Forest.
Jackson bought Neverland Ranch in 1987 for $19.5 million. Real estate investment firm Colony Capital purchased the ranch from Jackson shortly before his death in 2009 when the singer was in default on a loan.
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