The vendors of Neverland, the former home of 'pop king' Michael Jackson, have slashed the asking price of the estate by 30 per cent, from $133 million to $89 million.
The estate, which has been renamed Sycamore Valley Ranch, is situated 130 miles north of Los Angeles, and centres around a Normandy-style mansion designed by architect Robert Altevers. The homestead was built in 1982, and features exposed wooden beams, a fifty-set theatre, a dance studio, sports court, pool, and multiple residences.
Jackson defaulted on his loan over the property and sold it to private equity firm, Colony Capital eight years ago for $30 million. He bought the property in the 1980s for $26 million.
Jackson died in 2009 aged 50.
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