Why Michael Jackson’s Neverland Ranch is finally priced to sell:
that the timing of the Neverland Ranch sale was merely a coincidence, observers may be wondering if the property has lost the premium that an association with a beloved celebrity might provide.Jonathan Miller, president of property appraiser Miller Samuel, says the $100 million listing in 2015 was made during an era of “aspirational pricing,” when $50 million-plus listings hit the market seemingly every week. Many sellers plucked those astronomical figures simply as a way to generate buzz.
But if you look back at those properties now, virtually none sold for their listing price, says Miller. “They were never worth that,” he adds. “There was hyperbole associated with high-end property.” “It’s a great marketing hook,” Miller says, but the general consensus is that while a high-profile name may draw a lot of attention from casual observers, prospective buyers who can afford a property in the tens of millions are focusing on the data, Landi says.
Based on interviews with industry experts and data from Zillow and Redfin, Forbes values Neverland Ranch at $28 million, in line with the new asking price. Real estate agents in the area agree that the $31 million price point is likely to bring in a buyer. In fact, adjusted for inflation, that figure is actually cheaper than the $19.5 million Jackson bought the property for in 1987 .
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