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Neverland Ranch Goes On Sale

Neverland Ranch, the former home of legendary pop superstar Michael Jackson, is back on the market for US$31 million. This is a far cry from the US$100 million asking price just four years ago in 2015. That amount was reduced to US$67 million in 2017 after briefly being taken off the market before it was reintroduced into the market at the current price.

The 12,598 square-foot, six-bedroom, nine-bathroom ranch, located near Los Olivos, California, has been renamed Sycamore Valley Ranch, and features a main house along with three guest houses, a lake with a waterfall, a movie theatre, tennis courts, several barns and animal shelter facilities.

The singer, who died in June 2009 two months before his 51st birthday, reportedly paid US$19.5 million for the property in the 1980s and lived there for more than 15 years. A real estate investment firm later bought it in 2008 for US$22.5 million after Jackson defaulted on a loan.

According to one of the listing agents, the property's price cut is partly due to years of drought in the region that affected the real estate market. The agent added that the compound has been well-maintained and "with the drought ending and the Santa Ynez Valley in full bloom", it was the best time to sell.

Jackson had faced multiple allegations of child sexual abuse, but was acquitted in 2005. He is still the US' seventh-highest certified music artist, with 84 million album certifications.