March 2 (UPI) -- Michael Jackson's Neverland Ranch estate has entered the market once again for $67 million.
The 13,000-square-foot property located outside Santa Barbara in the Santa Ynez Valley, features exposed beams, parquet floors, a 50-seat movie theater and dance studio among other structures.
Sitting on 2,700 acres, the residence known for housing amusement park rides and a number of animals, was bought by the late pop star in 1988 for $19.5 million from golf course entrepreneur William Bone.
Neverland was acquired by Colony Capital in 2008 for $22.5 million after Jackson was in default on the loan for the ranch. It has since been renamed Sycamore Valley Ranch.
The $67 million asking price is 33% less then the original $100 million that Colony Capital was asking for in May of 2015.
"The initial pricing afforded Colony Capital time to better determine the future of the [ranch] and today we look forward to this magnificent property being enjoyed by a new curator," says Joyce Rey of Coldwell Banker Previews International, the property's listing broker said in a statement.