Michael Jackson‘s famous Neverland ranch will reportedly be put up for sale.
The late pop icon’s 2,700-acre property in Los Olivos, California is expected to be placed on the market by billionaire Tom Barrack’s Colony Capital.
The firm became the ranch’s managing partner after Barrack agreed a contract with Jackson in 2007.
“We are frustrated, bitterly disappointed and saddened that it has come to this,” a spokesperson for Jackson’s estate told Forbes.
“Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”
Barrack’s company has funded the upkeep of Neverland for the last six years, which is expected to cost around $5 million per year.
Before his death, Jackson had reportedly looked into turning Neverland into a performing arts school, while it was later rumoured to have been transformed into a Graceland-style attraction.
“The Estate explored numerous options, including a purchase,” the representative continued. “But financial, land use and zoning restrictions have made all of the proposed options prohibitive given our duty as executors to be fiscally responsible in protecting and growing the assets of the estate for Michael’s children.”
Michael Jackson died at the age of 50 in June 2009. Neverland was named after the fantasy island in Peter Pan. Jackson lived in the property from 1988 to 2005.
Source: Digital Spy