Michael Jackson's Neverland estate being considered for sale
Published on Aug 2, 2014 4:18 PM
LOS ANGELES (REUTERS) - Late pop singer Michael Jackson’s Neverland estate is being considered for sale, a spokesman for the company controlling the property said on Friday.
Owen Blicksilver, spokesman for investment firm Colony Capital LLC, said the company will make a decision soon as to whether it will place Jackson’s estate near the central Californian coast on the market. He declined to reveal any further details.
Jackson, who died in June 2009 at age 50 from an overdose of the powerful anesthetic propofol, had handed over the title on his Neverland ranch in 2008 to Colony Capital, which held his US$23 million (S$28.7 million) loan on the property.
At the time of the deal, Colony Capital said the firm had been planning to spruce up the ranch and sell it for an estimated US$70 million to US$80 million or more if Jackson was able to revitalise his career.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!