In the wake of the HBO documentary, ‘Leaving Neverland,’ Michael Jackson’s infamous estate, ‘Neverland,’ has gone back on the market at a 70% discount.
The 2700 acres estate which is topped with a 12,000 square foot French château style house in Southern California was originally for sale in 2015 listed for 100 million dollars. The house was originally priced for a super fan, but no super fan came.
Neverland Ranch is now currently for sale, listed for 33 million dollars. The estate claims the timely listing of the property has nothing to do with the documentary, some choose to believe otherwise.
Jackson purchased the property in 1987 for 19.5 million dollars which adjusted to inflation today would be 44.1 million dollars. There is a lot to be said about this property, we know one thing is certain, the celebrity premium is a myth.
Throughout the end of Jackon’s life and death, Jackson’s property was consistently in question. After the airing of the documentary, many questions are believed to have been answered. Neverland Ranch, consisting of a zoo, amusement park, and movie theater is now a stigmatized property.
‘Celebrities often ask for a premium for their properties, but one typically doesn’t materialize when the property is actually sold. A 2016 Redfin study that looked at 60 celebrity-owned properties in southern California found that they on average stayed on the market for about 36 days longer than other homes and usually sold for less than the asking price.’
History aside, the value of the property primarily comes from the land. While the property could be turned into a Graceland-type tribute to the King of Pop, the 40-mile drive to the City of Santa Barbara might limit the number of visitors, coupled with the renewed interest in the sexual misconduct allegations against Jackson.