Michael Jackson’s famed Neverland Ranch is set to hit the market very soon.
Tom Barrack’s Colony Capital, the company which owns and maintains the massive Los Olivos, California, property, is set to unload it to the highest bidder, reports Forbes.
Jackson purchased the 2,700-acre estate in 1988. It features a 13,000-square-foot, French country style home, among other lavish components.
Colony Capital took over the property in 2008, and its $23 million note, through a deal brokered with Jackson in 2007.
The management company has poured nearly $50 million into the property since then, while paying the massive $23 million note.
The Jackson estate isn’t too thrilled about the potential sale. “We are frustrated, bitterly disappointed and saddened that it has come to this,” said a rep in a statement. “Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”
Although many ideas have bounced around about the fate of the property — including buying it back or turning it into a Graceland-like attraction — none of them ever came to fruition for numerous reasons.
“Financial, land use and zoning restrictions have made all of the proposed options prohibitive given our duty as executors to be fiscally responsible in protecting and growing the assets of the estate for Michael’s children,” continued the rep.