Thomas Barrack Jr., founcer and CEO of Colony Capital – which owns the property – said last July that he was preparing to market it, Bloomberg reported.
“We’ve really just been custodians of an irreplaceable estate and are proud to say we’ve restored it to the original elegance Michael first envisioned,” Barrack told Bloomberg. “We are now considering putting it up for sale.”
Jackson bought the estate in 1988 and transformed the grounds into an amusement park and zoo. He stopped visiting the ranch after police searched it in connection with allegations of child molestation, Bloomberg reported. Jackson was acquitted of those charges in 2005.
Colony Capital acquired the estate during a time when Jackson was facing financial difficulties, according to Bloomberg. The property has since been renamed Sycamore Valley Ranch.
The 2,680-acre estate is located in the Santa Ynez Valley, about 130 miles northwest of Los Angeles.
Neverland Ranch, home of the late pop icon Michael Jackson, is on the market with an asking price of $100 million, according to a Bloomberg report.