It is now owned by the Estate of Michael Jackson and Colony Capital, LLC. The Neverland Ranch used to be a place where you could stay forever young, but since the tragic death of pop legend Michael Jackson, it had remained abandoned and empty. Now back to its former name, the Sycamore Valley Ranch, the property remains but a shadow of what it used to be. Now, the property is back on the market—this time, for $31 million, a 70% discount. Jackson bought Neverland Ranch in 1987 for $19.5 million. Michael Jackson's deserted Neverland ranch has been captured from the air on incredible drone footage. When Michael Jackson’s Neverland Ranch was initially put up for sale in 2015, the list price was $100 million. Colony Capital, owns Neverland, has written an open letter to the Santa Barbara community urging residents to "adopt an attitude of hospitality, warmth and tolerance." Michael Jackson’s children are reportedly interested in acquiring the property. Michael Jackson’s famed California home, Neverland Ranch, is on the market for $67 million, according to TopTenRealEstateDeals.com. He lived there for 15 years. Neverland Ranch was the late singer Michael Jackson’s house and property. Man whose company owns Neverland sends open letter to community. In 2005, the ranch was the site of child molestation accusations against Jackson, who was charged and acquitted. Michael Jackson's Neverland ranch has been reduced to a dry and dusty shadow of its former glory, seven years after the singer's death.