Tuesday, August 23 , 2016, 7:40 pm | Fair 66º

  • Follow Noozhawk on LinkedIn
  • Follow Noozhawk on Pinterest
  • Follow Noozhawk on YouTube
 
 
 
 

Local News

Owner of Michael Jackson’s Former Neverland Ranch Considering Sale

The private-equity firm has not yet decided whether to list the late pop star’s 3,000-acre, $30 million estate in the Santa Ynez Valley

A new owner could soon buy the Neverland Ranch and former home of late pop-music legend Michael Jackson if the Los Olivos estate is placed back on the market.

Santa Monica-based Colony Capital LLC is considering selling the 3,000-acre property at 5225 Figueroa Mountain Road, although the private-equity firm has made no official move to do so.

Colony Capital assumed control of the Santa Ynez Valley property in 2008 after buying a million-dollar note on it from Jackson, who was embroiled in post-trial financial woes.

The firm has not listed the property or offered a listing price, but the idea is being thought over, with no known time frame at this point, according to Colony Capital spokesman Owen Blicksilver.

The ranch has an assessed value of $30.4 million by Santa Barbara County.

Jackson called the property home from 1988 until 2005, famously designing the ranch to include a locomotive, amusement park rides and a zoo.

Blicksilver said the estate has essentially been refurbished since then.

The private-equity firm that owns Neverland Ranch near Los Olivos says the property, formerly owned by late pop star Michael Jackson, has been refurbished. (Channel Islands Helicopter photo)

“It was in some disrepair because no one had been on the property in some time,” he told Noozhawk.

News of a possible sale follows several other proposed uses for the property over the years, including turning Neverland Ranch into a state park or a Graceland-type attraction in memory of the pop icon, who died in June 2009.

Near the anniversary of Jackson’s death in 2011, Channel Islands Helicopter tours began offering aerial tours of the well-known ranch after being contacted by a fan club.

Today, demand for the service continues to grow, doubling since 2011, according to Josh Jones, chief pilot for the Oxnard-based company.

Noozhawk staff writer Gina Potthoff can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

Reader Comments

Noozhawk's intent is not to limit the discussion of our stories but to elevate it. Comments should be relevant and must be free of profanity and abusive language and attacks.

By posting on Noozhawk, you:

» Agree to be respectful. Noozhawk encourages intelligent and impassioned discussion and debate, but now has a zero-tolerance policy for those who cannot express their opinions in a civil manner.

» Agree not to use Noozhawk’s forums for personal attacks. This includes any sort of personal attack — including, but not limited to, the people in our stories, the journalists who create these stories, fellow readers who comment on our stories, or anyone else in our community.

» Agree not to post on Noozhawk any comments that can be construed as libelous, defamatory, obscene, profane, vulgar, harmful, threatening, tortious, harassing, abusive, hateful, sexist, racially or ethnically objectionable, or that are invasive of another’s privacy.

» Agree not to post in a manner than emulates, purports or pretends to be someone else. Under no circumstances are readers posting to Noozhawk to knowingly use the name or identity of another person, whether that is another reader on this site, a public figure, celebrity, elected official or fictitious character. This also means readers will not knowingly give out any personal information of other members of these forums.

» Agree not to solicit others. You agree you will not use Noozhawk’s forums to solicit and/or advertise for personal blogs and websites, without Noozhawk’s express written approval.

Noozhawk’s management and editors, in our sole discretion, retain the right to remove individual posts or to revoke the access privileges of anyone who we believe has violated any of these terms or any other term of this agreement; however, we are under no obligation to do so.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.



Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >