One of the most famous residential properties in the pop culture universe is back on the market, with a considerably lower listing price.
According to an Associated Press report, Michael Jackson's sprawling Neverland Ranch is relisted at $67 million, a significant decrease from the $100 million asking price posted last year for the 2,700-acre property in Santa Barbara County, Calif. The estate was purchased by Jackson in 1987 and was transformed into a private amusement park, complete with rides and a petting zoo. Jackson stopped living at Neverland in 2005 following his trial on child molestation charges, and the iconic singer sold the property to Colonial Capital for $22.5 million prior his death in 2009.
Colonial Capital has reportedly spent $50 million in upgrading the property. In an attempt to distance the estate from its legendary owner, the property is now officially known as Sycamore Valley Ranch.