Brokers facing a tough time selling Michael Jackson’s Neverland Ranch
It was once thought of as a place of magic created by the King of Pop, but now it's just another piece of California property that brokers are trying to unload
Since 2015, Michael Jackson’s Neverland Ranch has been for sale. The initial asking price of $100 million was slashed to $67 million back in 2017.
But in February, the cost was cut again to $31 million in the days before the explosive Leaving Neverland documentary in which two men — Wade Robson and James Safechuck — accused the pop star of childhood sexual abuse.
Perhaps attempting to shed the now-controversial connection to the name Neverland Ranch, the 2,700-acre estate, located in Los Olivos, Calif., is now called Sycamore Valley Ranch. The drop in price, which represents a 70 percent reduction, is aimed at hoping to soon attract a buyer, according to The Hollywood Reporter.
READ MORE: Michael Jackson’s signature hat and white glove removed from world’s largest children’s museum
But the issues plaguing Jackson’s former estate resembles what several high-profile brokers tasked with unloading properties owned by controversial people have faced in Hollywood over the years.
“So many houses in L.A. have a history. All the great ones do,” Ladd Jackson, of Hilton & Hyland who is listing imprisoned music producer Phil Spector’s former estate, Pyrenees Castle, in Alhambra told The Hollywood Reporter. The estate is where Lana Clarkson was murdered by Spector in 2003. “The incident happened 20 years ago. Big deal,” Jackson added. “The house is an amazing piece of history, and, truthfully, the incident was just a momentary event.”
Jackson and Specter’s houses have become sensational based on the alleged crimes committed in both. Also, both cases ended up the subject of HBO documentaries.
But because Leaving Neverland aired recently and is still on the minds of viewers, it may face a more uphill battle to get sold.
READ MORE: Michael Jackson Fans are Divided: 5 Big takeaways from ‘Leaving Neverland’ Part 1
Brokers for the estate — Compass real estate’s Suzanne Perkins and Kyle Forsyth — slashed the price days before the documentary.
“The price has a lot to do with these particular properties,” Westside Estate Agency’s Johanna Falduto told The Hollywood Reporter. In 1992, Falduto sold the L.A. house where Sharon Tate was brutally murdered by members of the Manson family. “If it’s a good deal the right buyer might look the other way.”
As for Jackson, his estate is suing HBO for $100 million in damages following the documentary “tabloid character assassination.” Jackson’s family is also weighing whether to sue accusers Robson and Safeschuck.
Robson and Safeschuck have also launched lawsuits against Jackson’s estate.
READ MORE: Michael Jackson’s brothers slam ‘Leaving Neverland’ documentary ‘It’s all about money’
