Michael Jackson's Neverland Ranch for sale with drastic price cut

The Neverland ranch in California that once belonged to late pop icon Michael Jackson has returned to the market for $31 million, a fraction of the $100 million it once sold for in 2015.

The Santa Barbara County property -- now called Sycamore Valley Ranch -- is being listed by Compass. According to The Wall Street Journal, the property was pulled from the market in 2017, a few months after the price was slashed to $67 million.

That’s largely because of the hefty price tag, in addition to negative effects from a drought in the state at the time of the listing. Now, the listing agents are attributing the dramatic price decrease to years of drought and other natural disasters.

In the listing, Neverland is described as the “ultimate ranch retreat,” with six-bedrooms, an expansive covered outdoor barbeque area, pool, tennis court, three separate guest homes, a 5,500-square-foot movie theater with stage, several barns, animal shelter facilities, corrals and a maintenance shop.

The 2,700-acre property, which still maintains some of its iconic features, like a clock that spells out “Neverland”, is sure to draw attention this week. On Sunday, HBO is slated to premiere its two-part, four-hour movie “Leaving Neverland,” a documentary about two men who say they were sexually abused by Jackson as children.

The Jackson family has denied the accusations from James Safechuck and Wade Robson, calling them “opportunists” and “admitted liars.” Last week, Jackson’s estate filed a lawsuit, alleging a breach of contract against HBO.

CLICK HERE TO GET THE FOX BUSINESS APP

Howard Weitzman, an attorney for the Jackson estate, told the Journal that the timing of the listing is unrelated to the film.

“It’s time for new stewardship,” he said.