Six reporters, photographers and media chiefs are to be tried for invasion of privacy over topless photos of Kate Middleton

In a beautiful written piece for the New York Times, Trevor Noah paints a picture of his childhood with his mother

Michael Jackson's Neverland to be sold

2014-08-02 11:00
michael jackson

Los Angeles - Michael Jackson's famous Neverland Ranch is to be sold.

The Santa Barbara property will reportedly be put on the market by Colony Capital - who own a primary stake in the estate - after buying out the late singer's $23m mortgage to save it from foreclosure in 2008 - in order to recoup the debt they are owed on the house.

A source told "Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs."

The property is worth around $27m, but insiders believe it could fetch as much as $60m because of its famous former owner.

Officials from Michael's estate said they are "saddened" by the news of the sale but insist they plan to keep the legacy of the Thriller hitmaker - who died of acute Propofol intoxication in June 2009 - going strong at his other former home.

They said in a statement: "We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The estate will maintain Michael's family home in Encino, including its iconic recording studio there.

"[We will] continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas."

The estate went on to appeal to any buyers of Neverland to respect the "historical importance" of the property.

They added: "We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide."

And the officials told fans they had "explored" a number of "potential options" for the ranch.

However, they added: "Zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell."

A source added: "Efforts were made to keep Neverland, and Michael's estate tried to make it happen. However, they were unable to come to an agreement."

Michael bought the 1200ha property in 1988 and lived there until his child molestation trial in 2004. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Recent News

The Voice SA's Gavin Edwards, who recently released his debut album, joined us in studio to play some tunes. Read More »

Lady Gaga is the latest muso to join James Corden for another instalment of Carpool Karaoke. Watch it here! Read More »

inside channel 24

There are new stories on the homepage. Click here to see them.