Fate of Neverland Ranch Up in the Air

June 29, 2009 By:
Fate of Neverland Ranch Up in the Air

The fate of Michael Jackson’s former residence, The Neverland Ranch, is up in the air. Michael owned the estate in a joint venture with Colony Capitol, which is the company that bailed Jackson out of the $24.5 million loan he defaulted on.

Spokesperson for Colony Owen Blicksilver told Access Hollywood in a statement, “It’s premature to talk about the future of the property.”

Prior to Michael’s death, the company had planned on selling the property. They told The Wall Street Journal they had been doing renovations, removing the amusement park rides, and relocating the exotic animals.

Colony also intended to change the name of Neverland. The Wall Street Journal reports that Colony also planned on allowing organizations to host charity functions there before they sold it.

Over the weekend, Michael’s siblings Jackie, Jermaine, and Tito drove to Santa Barbara to meet with property manager Thomas Barrack to discuss the future of Neverland. It’s understood that the property could sell for up to $90 million, which would yield a profit to Jackson’s estate.

Now that he’s passed away, we can imagine Colony and the property manager will want to hold onto Neverland, since it could become a tourist destination, or a tribute museum to Michael. We hope that if it does sell, however, Michael’s children see the money from the profit.