Seems like every time we talk about Michael Jackson these days, it’s sad news. Thomas Barrack Jr.’s Colony Capital LLC, has made plans to put Michael Jackson’s famed Neverland Ranch up for sale.
“We’ve really just been custodians of an irreplaceable estate and are proud to say we’ve restored it to the original elegance Michael first envisioned,” Barrack stated.
Barrack’s firm took control over the 2,680-acre ranch which is located in Santa Ynez Valley, in 2008 after buying a $23.5 million note for the property after making a deal with Jackson, during a time when Jackson was facing debt. The ranch is valued at $30.3 million by Santa Barbara County.
“We are frustrated, bitterly disappointed and saddened that it has come to this,” A representative for Jackson’s estate told Forbes about the upcoming sale. “Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”