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Sun, 14 Sep 2014
What Happened To Michael Jackson's Neverland Ranch?
A few years after the famous pop-star's death, what happened to Michael Jackson's Neverland Ranch?
Some of the people have been wondering what happened to Michael Jackson's Neverland Ranch? Undoubtedly, the Neverland Ranch is one of the most famous and controversial properties in the world. Owned by the late American entertainer Michael Jackson, the ranch became a hot topic when it was suspected to be the place where Jackson molested a minor.
The case ushered upon an investigation conducted by police officers who extensively searched the 1214 hectare (3000 acres) Neverland ranch. Jackson refused to go back to the property after this which caused the closure of facilities in the ranch and dismissal of the staff working there. After the death of Michael Jackson, the Neverland Ranch was given, as per Michael Jackson's will, to a family trust.
The Neverland Ranch
The Neverland Ranch, named after the famous island where the boy who never grows up - Peter Pan resides, is chock-full of fun rides with an operational amusement park in it. The park contains many rides like bumper cars, roller coaster, a Ferris wheel, and a two railroads with a running locomotive named Katherine, after Jackson's mother.
However, the death of Michael Jackson also caused the ranch to fall apart for a time and much of its amusement sites needed repair. Recently, Jackson's children ushered the restoration and repair of the property.
Colony Capital Selling Off Neverland Ranch
Recent news said that the property is being prepared for a sale. Colony Capital, a real estate investment company which owns a 12.5% stake in the property is the one selling off Neverland Ranch.
While a representative of Jackson's estate expressed his disappointment for the recent turn of events, he explained that the decision did not came off quickly and the Jackson estate considered buying the property back, but the cost of maintenance of the property, which amount to millions of dollars, prevented them from doing so. It has also been added that zoning and land use restrictions also became a factor with regards to the decision made by Colony Capital.
Colony Capital's continuous investment into the Neverland property increased their equity shares while in effect, lowering the shares of Jackson's.
The Neverland Ranch Have Been Publicized More To Attract Investors.
What happened to Michael Jackson's Neverland Ranch is a glaring case of property mismanagement. To be fair, Michael Jackson had his own share of problems which left him unable to care for his property and properly manage it but he should have a way to sustain the property's upkeep especially since he could generate income with the amusement rides of his property.
After his death, his family and legal representatives should have pushed measures to acquire the property back. They should also have initiated repairs and restoration on the first onset of dilapidation in the property.
During the period after the death of the famous pop star, the property should have been publicized more to attract investors. Though it is understandable that the property had a bad image since the trial of Jackson, the property could still attract investors due to its sheer size and many amusement rides. More charitable ventures and activities should have been conducted to "repair" the estate's gloomy and dark image.
In 2015 the Neverland Ranch was put up for sale with an price tag of $100 million, In 2017, due to lack of interest, the asking price was $67 million.
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