Michael Jackson’s Neverland Ranch Hitting the Market

Michael Jackson’s iconic Neverland Ranch will be hitting the housing market.

According to Forbes, real estate investment firm Colony Capital, which owns equity in Neverland after an agreement with Jackson that took effect in 2008, is preparing the 2,700-acre Los Olivos, California property for sale.

A representative for Jackson’s estate told Forbes, “We are frustrated, bitterly disappointed and saddened that it has come to this. Sadly, Michael lost control on Neverland during his life a result of advice from a former manager.”

The agreement between the singer and Colony Capital called for the investment firm to manage Neverland as a joint venture with Jackson. According to Forbes, for every dollar the company invested in Jackson’s property, the firm’s share of equity would increase while Jackson’s decreased. Forbes claims that Colony has put more than $50 million into Neverland.

The Jackson estate said it considered many options in regards to the future of Neverland. Jackson himself was intrigued by the thought of turning the ranch into a school for the performing arts. The estate even considered buying back the ranch, but with the million-dollar upkeep on the property, the proposal became untenable.

According to USA Today, Jackson bought Neverland Ranch in 1988 from golf course entrepreneur William Bone. As of 2003, the estimated $ 30 million ranch was comprised of 22 buildings, including guesthouses, a movie theatre, ranch-hand apartments, stables and a theme park.