Michael Jackson's Neverland Ranch Hits The Market; New Owner Of the Estate Is Colony Capital, LLC; Paris Hoping That The New Owner Respects The Historical Importance Of The Property Of His Dad
One of famous estates which was also a home of the late King of Pop Michael Jackson is the Neverland Ranch.
The latest report from Bidnessetc.com about this famous estate owned by the late iconic pop star said:
"it has been put up for sale by investment company Colony Capital, LLC., which had acquired the property for $23.5 million in 2008, in an effort to save the ranch after Jackson's finances collapsed. The Ranch remained a joint venture between the company and Jackson, with Colony Capital maintaining a 12.5% stake in the property.Although no figures have been released yet, real-estate experts estimate that the property could fetch up to $50 million."
When Michael Jackson was alive, he bought the ranch from the CEO of Sunrise Co., William Bone for $16.5-30 million during the peak of his career in 1988.
He changed the property's name from the "Syacmore Valley Ranch," to the "Neverland Ranch," (this came from fantasy island from "Peter Pan.").
It was re-named "Sycamore Valley Ranch Company, LLC" after Thomas J. Barrack Jr., owner of Colony Capital acquired a 12.5% undivided stake in the property, and he also strived to restore the ranch.
The property was subjected for police investigations due to Jackson's alleged impropriety with minors in 2005.
Jacko's recidences reportedly hit the market in several times, including his lavish 10-acre Las Vegas home where the performer lived during his last years. These events that happened to MJ's properties have caused anxiety to his family he left.
Reports said that his children helped out Colony Capital with the maintenance of the property. Her daughter, Paris was the one who restore the property last year. The amusement park rides were replace with a meditative "Zen garden,". However, the young girl could not afford to buy the iconic house, and she's just hoping that the new owners of the house will respect historical importance of his late fater's property.
