Real Estate
Price of Former Neverland Ranch Cut to $67 Million
- Now Sycamore Valley Ranch, asking price is $67 million
- Coldwell Banker touts luxury, proximity to Santa Barbara
The California estate once known as Neverland Ranch had its price slashed by a third, to $67 million, and its brokers are downplaying the property’s ties to its former owner, the late pop star Michael Jackson.
The ranch, acquired by Thomas Barrack Jr.’s Colony Capital Inc. as Jackson faced financial troubles in 2008, was put up for sale for $100 million almost two years ago. Real estate broker Joyce Rey, of Coldwell Banker Previews International, on Wednesday said the property is being “re-introduced to the market” at the lower price. It’s now named Sycamore Valley Ranch.