UnReal Estate: Graceland in California? A Future for Michael Jackson’s Neverland Ranch
Posted by Annalisa Burgos | June 26, 2009
Everyone dreams of their perfect home, but very few get the chance to actually live in it.
The King of Pop was one of them.
In 1987, Michael Jackson shelled out $17 million for more than 2,500 acres in Los Olivos, Calif. (about 125 miles north of Los Angeles).
He designed his dream home, complete with 22 buildings, including a Tudor-style mansion, a zoo and an amusement park with a Ferris wheel, bumper cars and other rides. The Neverland Ranch — named after the island in “Peter Pan” where children never grow up — was estimated to be worth more than $100 million.
But the dream home later became a nightmare, after Jackson faced charges of molesting a boy on the property. He moved out of Neverland in 2005, and the neglected estate went into disrepair.
By 2008, Jackson had defaulted on the mortgage and faced foreclosure if he failed to pay back a $24.5 million loan. An investment company stepped in at the last minute and bought some of the property rights for $35 million, with Jackson maintaining partial ownership.
Now with the legendary artist’s death, what will become of the Neverland Ranch? Personally, I hope the owners will fix up the estate and turn it into a museum and memorial to MJ, similar to what Graceland became for Elvis Presley.
Because Neverland Ranch was always shrouded in mystery, opening it to the public would allow fans to connect with the pop icon at a new level. After all, what better way to get to know a person than by seeing their home.
And I’m sure ticket sales would more than pay off MJ’s massive debt.
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