Michael Jackson's Neverland Ranch Sold For $78 Million Less Than The Asking Price, Here's Why

The fanciful former home of Michael Jackson, Neverland Ranch, has been on the market for years and it finally sold recently. The property sold for far less than the original asking price, though. There are several reasons why the Santa Barbra estate sold for millions less than was originally presented, including, of course, the previous owner’s reputation and the changes made to the grounds.

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Neverland Ranch Under New Ownership

Neverland Ranch, which has reverted to its original name of Sycamore Valley Ranch, recently sold for $22 million to billionaire and part-owner of the Pittsburgh Penguins, Ron Burkle. The ranch was originally listed at $100 million in 2015, six years after the death of Michael Jackson. Part of the reason the price for the gorgeous estate kept dropping was due to the years between when it was first listed, and when it finally sold.

Missing The Features That Made It Famous

There’s also the fact that many of the features that Jackson added to his home, like his personal zoo, the carnival rides, and the famous electric train were removed shortly after his death. The property still boasts plenty of amenities, including a four-bedroom guest house, a two-bedroom guest house, several barns, animal shelter facilities, and a maintenance shop. That’s not even including the 12,000 square foot main house.

Still A Charming Abode

The main house, which was designed in the French Normandy style, contains six bedrooms, including a two-story master suite, a formal living and dining room, a chef’s kitchen, as well as multiple fireplaces. The grounds surrounding the home feature a covered barbecue area, basketball and tennis courts, a 50-seat movie theater, and a free-form swimming pool. There’s also a four-acre lake with a fountain for added charm.

Though Michael Jackson’s reputation has undoubtedly cast a shadow over the ranch, it’s still an incredibly beautiful property, as evidenced by the photos of the exterior. The estate sat empty for years, which might mean that the new owner has quite a fixer-upper on their hands. Regardless, it’s obvious that Burkle has gained a gem, though it might need a bit of polishing to reach its full potential.