Why Has MJ's Former Ranch Home Failed To Find Takers
In a slow-moving property market, late pop star Michael Jackson and his ties with a particular property are failing to make an impact. His financial troubles forced the late pop star to sell his California Estate property for $23.5 million in 2008 to Colony Capital Inc.
The property has failed to find takers while it has been up for sale for about two years now — it was first listed for sale in May 2015 at an asking price of $100 million. Recently, the seller decided "re-introduce" the property to the market at an asking price of $67 million — a reduction of 33 per cent.
Here is all the moonwalker's former property has to offer you:
- The Sycamore Valley Ranch in Los Olivos was earlier known as Neverland Ranch. (the new name is part of the re-branding process) It is located 130 miles northeast of Los Angeles and borders the Los Padres National Forest. According to Coldwell Banker Previews International broker Joyce Rey, the "quintessential California estate" was designed for recreation and entertaining, and is well-suited for vineyards. The manor was designed by architect Robert Altevers in 1982, using the French-Normandy style.
- Spread over 2,698 acres at the Santa Ynez Valley, the property boasts six-bedrooms, a four-acre lake, an outdoor barbeque, a pool house, a tennis court and a 50-seat movie theatre and stage. Adjacent to the main building is a 5,500-square-foot guesthouse that boasts four separate suites. The 12,598-square-feet mansion has five fireplaces, 18th-century French oak parquet flooring and a separate apartment located above its garage.
- The property has been up for sale in the market mainly for two reasons: its location and the price. According to a Bloomberg report: "While many of the country's most expensive homes are in high-end hot spots, Los Olivos, a town with a population of 1,100, is not an obvious place to invest in luxury real estate. It's not just that the town is sleepy — it's totally zonked. In a good way. For those who like that sort of thing. "The property is "pretty far from the proliferation of the highest-end homes".
On the other hand, the valley so far has never seen a $100-million property deals being realised so far. According to Zillow, the property is worth nearly 200 times the median home value of $548,500 in Santa Barbara County.