Michael Jackson - Michael Jackson's Neverland to be sold

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Michael Jackson's famous Neverland Ranch is to be sold.

The Santa Barbara property will reportedly be put on the market by Colony Capital - who own a primary stake in the estate - after buying out the late singer's $23 million mortgage to save it from foreclosure in 2008 - in order to recoup the debt they are owed on the house.

A source told RadarOnline.com: ''Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs.''

The property is worth around $27 million, but insiders believe it could fetch as much as $60 million because of its famous former owner.

Officials from Michael's estate said they are ''saddened'' by the news of the sale but insist they plan to keep the legacy of the 'Thriller' hitmaker - who died of acute Propofol intoxication in June 2009 - going strong at his other former home.

They said in a statement: ''We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The estate will maintain Michael's family home in Encino, including its iconic recording studio there.

''[We will] continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas.''

The estate went on to appeal to any buyers of Neverland to respect the ''historical importance'' of the property.

They added: ''We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide.''

And the officials told fans they had ''explored'' a number of ''potential options'' for the ranch.

However, they added: ''Zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.''

A source added: ''Efforts were made to keep Neverland, and Michael's estate tried to make it happen. However, they were unable to come to an agreement.''

Michael bought the 3,000 acre property in 1988 and lived there until his child molestation trial in 2004.


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Comments

YANNI54's picture

YANNI54

What kind of agreement did these people at Colony want that the estate couldn't agree to??? This property was away from all residents and other properties SO WHAT ZONING PROBLEMS COULD IT HAVE? IT is a functioning property. What amount could Colony be asking for that is to much for the Estate to agree with and what Land usage is going on there since it is closed. Lady GaGa claimed at one time she would purchase it for MJ's kids to be able to keep. If the Estate truly wants to not see Neverland go bust, why aren't they trying to purchase it to make it another Graceland or to be able to use it for investment purposes! They can keep the property in Encino all they want but that was THE JACKSON FIVE'S FAMILY PROPERTY, BUT NEVERLAND WAS MICHAEL JACKSON'S PROPERTY ONLY, THERE WILL ALWAYS BE THAT DIFFERENCE!

5 months 4 weeks ago
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gomesrosemayr's picture

gomesrosemayr

Plzzzzzzzzzzzzzzzzzzzzzzzzzzzzz.....we want Neverland....it is Michael Jackson....We don't want to lose totality who Michael Jackson is..."The Neverland"..

5 months 4 weeks ago
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selfeta's picture

selfeta

MJ fans, we can not have that.!!

5 months 4 weeks ago
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