Photo credit: Compass
Michael Jackson died 10 years ago on June 25, 2009, and many people around the world commemorated his death by listening to his hit songs and watching his iconic music videos. They celebrated his astronomical career by remembering his early performances as part of The Jackson 5, replaying interviews, and watching documentaries like This Is It that shows the work that went into organizing his last concert, which sadly he never got the chance to perform.
Also remembered is his beloved Neverland Ranch, where he lived from 1987 until 2006. This was where he was finally able to experience childhood, having never had that luxury as part of the hard-working, family-singing group The Jackson 5.
Two years after his death, Neverland was put on the market for $100 million, but never sold. Today, restored at great expense to resemble the original ranch it was when Michael purchased it, the estate is back on the market and reduced to $31 million.
In 1977, developer William Bone bought the bare acreage in Santa Barbara County in Los Olivos, California. Bone engaged an architect to design all the main structures on the property, dig the lake and landscape formal gardens. It was his own fantasy land of sorts, as he was able to design it his way rather than at the direction of his clients. It took him two years working with architect Robert Altevers to get the design to his liking. He named it the Zaca Laderas Ranch and lived there until selling it to Michael in 1987.
Michael bought the 2,700-acre ranch for about $25 million and then spent millions more to develop it into a child’s fantasy land, which he appropriately named Neverland, in reference to the Peter Pan fairy tale. The 13,000-sq.-ft. main house, formal gardens, four-acre lake with fountains and a five-foot waterfall, along with an attractive stone bridge, had already been built by Bone when Michael purchased the property.
Michael added three railroads, a petting zoo, and a full amusement park complete with nine major rides and an arcade. He also installed an electric railroad with 100-feet of track behind the house for his own children.
Neverland was Michael’s beloved home until 2006 when he was charged with child molestation, which supposedly took place at the ranch. Although he was acquitted, the association of so much negativity with the ranch made it difficult for him to continue living there. Except for caretakers, the ranch was closed.
By 2007, Michael was behind in payments on his loan by about $23 million and the ranch was due to go on the auction block; however, investment group Colony Capital stepped in and bought the loan, making them co-owners. In 2009, Colony began restoring the ranch by removing the zoo and amusement park and replacing them with a Zen garden. The amusement park rides are now part of Sacramento’s California State Fair.
Now, on the 10th anniversary of Michael’s death, his beloved Neverland Ranch, renamed the Sycamore Valley Ranch, has had a massive price reduction from the original $100 million to $31 million. The listing agent is Suzanne Perkins of Compass Realty, Montecito, California.