Published On: Thu, Jul 2nd, 2020

Michael Jackson home: Who owns Neverland now? | Music | Entertainment

Share This
Tags


Michael Jackson bought the Neverland ranch in the 1980s, and it became famous for his various events. He even turned the ranch into a fairground for his guests, as well as himself. He died 11 years ago, and the ranch has since become a shell of its former self.

Who owns Michael Jackson’s Neverland ranch now?

Michael Jackson bought the Neverland Estate, then known as the Sycamore Valley Ranch, in 1988, for an amount which sources have placed between $19.5million (£15.7million) and $30million (£24million).

The ranch was bought in trust, but it was reported this arrangement was rescinded and Jackson became the ultimate owner, deciding to turn it into more than just his home.

Jackson lived in the ranch, but also developed a private amusement park on the property, opening a petting zoo, and numerous garden statues.

Following this, he also opened three railroads, a steam locomotive named after his mother, Katherine, a Ferris wheel, roller coaster and amusement arcade.

As well as these, there were also number cars, a wave swinger, a pirate ship ride, and a carousel, as well as a reported safe room for security.

Oprah Winfrey interviewed Jackson live at the ranch in 1993.

However, in Jackson’s trial in 2003, where he was charged on multiple counts of molesting a minor, the Neverland ranch was extensively searched by police.

Jackson was acquitted of all charges, and after this took place he left the ranch, and he was reported as saying he would never live at the property again and considered it to no longer be his home.

This was detailed in his sister La Toya’s memoir from 2012, Starting Over.

In 2007, foreclosure of the Neverland Ranch was published, and a spokesperson for Jackson said the loan was being refinanced, and he still retained the majority stake in the ranch.

However, as time went on, it reported Jackson gave up more and more of the ranch, with it eventually going up for sale.

In a press release around a foreclosure auction of the ranch, Jackson said: “I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony [Capital, an investment company] and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future.”

However, tragedy struck when Jackson died in May 2009, and his family spoke out on their intention to bury Jackson at the ranch.

From this point, all the rides and animals were removed from the property, and some were believed to have been replaced by a section decorated with Peter Pan, along with a meditation garden.

The ranch was put up for sale in 2015 by Colony NorthStar, but Jackson’s brother, Jermaine, wrote an open letter disagreeing with the decision.

The ranch was, at this stage, jointly owned by the company and the Jackson estate, with Jackson bequeathing his share of the estate to a family trust on his death.

Eventually, the ranch was being put up for sale again in 2016 via Sotheby’s, but the property began to fall in value and, as of February 2019, the value of the property has fallen by an approximate $70million (£56.3million).

Eventually, the property was taken off the market, as of February 2020, after failing to be sold for five years.

Currently, it is not open for tourists to visit it.



Source link

About the Author