Michael Jackson reportedly paid $19.5m for the property in the 1980s but a real estate investment firm bought it in 2008 for $22.5m after the singer defaulted on a loan.
The 2,700-acre estate located near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms along with three guest houses, a four-acre lake with a waterfall, tennis courts, several barns and animal shelter facilities.
The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Kyle Forsyth, one of the listing agents, told US media. He said the compound has been well maintained and"with the drought ending and the Santa Ynez Valley in full bloom," now was the best time to sell.
Jackson reportedly paid $19.5 million for the property in the 1980s but a real estate investment firm bought it in 2008 for $22.5 million after the singer defaulted on a loan.News of the sale comes as HBO is set to air on Sunday a damning four-hour documentary titled"Leaving Neverland," which includes the testimonies of two men who claim Jackson sexually abused them as children all over the ranch, including the attic, the master bedroom and the pool.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Michael Jackson's Neverland Ranch back on market at steep discountJackson reportedly paid $19.5 million for the property in the 1980s but a real estate investment firm bought it in 2008 for $22.5 million after the singer defaulted on a loan.
Read more »
Michael Jackson’s Neverland Ranch back on market at steep discountMichael Jackson's Neverland Ranch in California is back on the market for $31 million, a steep cut from the $100 million asking price four years ago.
Read more »
Michael Jackson accused of child sex abuse by former maid | IOL EntertainmentMichael Jackson has been accused again of being a child sex predator by his former maid Adrian McManus.
Read more »
Zimbabwe launches new, discounted currency as banks reopenZimbabwe The Reserve Bank of Zimbabwe said on Wednesday it would scrap the official 1:1 peg between its quasi-currency bond note and the US dollar, creating a new parallel currency called RTGS dollars.
Read more »
Janet Jackson is the latest star to get a Las Vegas residencyJanet Jackson is heading to Las Vegas and launching a residency in Sin City later this year.
Read more »
Janet Jackson secures Las Vegas residencyJanet Jackson joins a long list of singers who have had residencies in Vegas, including Jennifer Lopez, Lady Gaga, Celine Dion and Mariah Carey.
Read more »
Five ways Michael Cohen implicated Donald Trump in possible crimes | IOL NewsA day after DonaldTrump's lawyer MichaelCohen delivered bombshell testimony to Congress, here is a look at ways he implicated the president in possible crimes.
Read more »