Michael Jackson’s Neverland Ranch Estate To Be Sold

8-1-2014 2-46-31 PM

Though Michael Jackson moved out of Neverland years before his untimely passing, the 2,800-acre California ranch may be going on the market for the first time since Jackson acquired the property in 1988.

Members of the Jackson family confirmed that the company owning a majority stake in the estate plans to sell it. Colony Capital co-owned Neverland after paying Jackson’s $23 million mortgage many years ago to save it from foreclosure.

According to terms of the negotiation, Colony Capital has legal rights to sell Neverland to compensate for Michael’s debt to them.

“We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property,” said a spokesperson for the family. “Michael’s memory lives on in the hearts of his fans worldwide.”

The estate named after the fantasy island in J.M. Barrie’s story of Peter Pan was built because Jackson wanted “to have a place that I could create everything that I never had as a child.”

The seven-bedroom, Tudor-style mansion comes complete with a drive-in movie theater, train station, zen garden and plethora of pools and fountains. It has been deserted since being bought by a private investment firm in 2008.

According to RadarOnline, tax records assess Neverland at around $27 million, but estate experts say the price tag for the ranch estate could reach nearly $60 million.

(Photo Credit: Ap/2009)