Reports of foreclosure proceedings alleged to have commenced against Neverland Ranch on October 22, 2007 were published. However, a spokesperson for Jackson said that the loan was merely being refinanced and Jackson (later his Estate) remained the majority stake holder, with a legal retention of 87.5% of the ranch.
On February 25, 2008, Jackson received word from Financial Title Company, the trustee, that unless he paid off $24,525,906.61 by March 19, a public auction would go forward of the land, buildings, and other items such as the rides, trains, and art. On March 13, 2008, Jackson's lawyer L. Londell McMillan announced that a private agreement had been reached with the private investment group, Fortress Investment, to save Jackson's ownership of the ranch. Before the agreement, Jackson owed three months' arrears on the property. McMillan did not reveal the details of the deal.
On May 12, 2008, a foreclosure auction for the ranch was cancelled after Colony Capital, an investment company run by billionaire Tom Barrack, purchased the loan, which was in default. The selling price was $22.5 million. In a press release, Jackson stated,
"I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."
On November 10, 2008, Jackson transferred the title to Sycamore Valley Ranch Company, LLC, and neighbours reported immediate activity on the property, including the amusement rides being trucked along the highway. Jackson still owned an unknown stake in the property, since Sycamore Valley Ranch was a joint venture between Jackson (represented by McMillan) and an affiliate of Colony Capital.The Santa Barbara County Assessor's Office stated Jackson sold an unknown proportion of his property rights for $35 million. Subsequent news reports however, indicated that Colony Capital had invested only $22.5 million in the property. In any event, reliable sources indicate that Colony is the majority owner.
Kyle Forsyth, Colony's project manager, described the estate's Tudor-style buildings and savannah-like grasslands as "English country manor meets Kenya." Eventually, Colony hopes to sell the ranch, located in Santa Barbara County, in its entirety. Subdividing it, says Mr. Forsyth,
"would destroy it."
Since 2009, the Neverland Ranch rides Balloon Samba, Jeeps, Wave Swinger and Dinos have been featured attractions at the California State Fair in Sacramento.On November 11, 2008, Michael Jackson transferred the title of his 2,700 acre estate Neverland Ranch to Sycamore Valley Ranch Company LLC, a joint venture between Jackson (represented by attorney, L. Londell McMillan) and an affiliate of Colony Capital. It is still unclear whether Colony Capital has a part in the property. Jackson earned a total of US$35 million when he agreed to the joint venture between himself and Colony Capital.
Following Michael's death, press reports during June 28–29, 2009, claimed that his family intended to bury him at the Neverland Ranch, eventually turning it into a place of pilgrimage for his fans, similar to how Graceland has become a destination for fans of Elvis Presley. However, the singer's father Joseph Jackson later denied the reports. Construction equipment and gardeners entered the grounds on July 1, prompting speculation that preparations were being made for something related to Jackson's death, but local officials stated that a burial there would be only allowed if the owners of the ranch would go through a permitting process with county and state government before establishing a cemetery at the site. Jackson's 2002 will gives his entire estate to a family trust.
The ranch was the setting for two media appearances on July 2, 2009. Jermaine Jackson took The Today Show's Matt Lauer on a tour of the main house and he was interviewed on the grounds of the house by Larry King for his show.
In October 2010, reports came out that Michael Jackson's children intended to buy the property and in January 2013, singer Lady Gaga announced her willingness to help Jackson's children in keeping the ranch by investing in the property.
Following the death of Michael Jackson in 2009, the neglected Neverland Ranch fell into disrepair. Saddened by a return trip to her childhood home in 2010, Jackson's daughter, Paris, resolved to acquire and restore the property in early 2013. The amusement rides and animals were gone by then, replaced with a meditative zen garden and a section decorated with Peter Pan, Michael Jackson's favourite fictional hero. The Jackson children intended the garden to be used for enjoyment by sick children.
In May 2015, it was announced that the Neverland Ranch, renamed Sycamore Valley Ranch, would be put up for sale with an initial price tag of $100 million. By that time, Colony NorthStar (aka Colony Capital) had completed extensive renovations to the property. Many people, including fans, protested and disagreed with the decision. Jermaine Jackson, elder brother of Michael wrote an open letter to Colony NorthStar expressing his disagreement with their decision.
As of May 2016, the 2,698 acre ranch, jointly owned by the Jackson estate and Colony NorthStar, was being sold by Sotheby's International Realty with an asking price of $100 million. The price included the 12,598 square foot six bedroom Normandy-style mansion, the four-acre lake with waterfall, a pool house, three guest houses, a tennis court, and a 5,500-square-foot movie theatre and stage. The train station and railway tracks were also included. According to TIME, the owners were "specifically looking for a buyer who doesn't plan to turn the place into a museum for the singer".
Due to lack of interest, the asking price of the ranch had fallen to $67 million by February 2017. The property was still on the market in early 2018, at the same price, with Coldwell Banker.
To this day, Neverland Valley Ranch renamed to Sycamore Valley Ranch is still owned by the Michael Jackson Estate and Colony Capital LLC (2008 - Present).
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