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Michael Jackson's Neverland Ranch back on the market for lower price

By
Wade Sheridan
Lisa Marie Presley and Michael Jackson (R) pictured walking hand-in-hand as they hosted youngsters at Jackson's Neverland Ranch in Santa Ynez, Calif. The estate is being sold for $67 million. File Photo by Jim Ruymen/UPI
Lisa Marie Presley and Michael Jackson (R) pictured walking hand-in-hand as they hosted youngsters at Jackson's Neverland Ranch in Santa Ynez, Calif. The estate is being sold for $67 million. File Photo by Jim Ruymen/UPI | License Photo

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.

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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.

In October, Jackson's daughter Paris Jackson returned to Neverland for a visit, writing on Instagram at the time, "Felt so good to be home even for a little bit."

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