When Michael Jackson’s Neverland Ranch was initially put up for sale in 2015, the list price was $100 million. Now, the property is back on the market—this time, for $31 million, a 70% discount.
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, the 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, Miller says: “They were never worth that. 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.
Neverland Ranch’s listing agents, Suzanne Perkins and Kyle Forsyth of Compass, did not respond to multiple requests for comment. Colony Capital, which jointly owns the property with the Jackson estate, could not immediately be reached.
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