Neverland Ranch, the Los Olivos, California, property where the - TopicsExpress

Neverland Ranch, the Los Olivos, California, property where the late entertainer Michael Jackson lived, may soon get a new owner. Thomas Barrack Jr.’s Colony Capital LLC is readying the estate for a sale as high-end home values return to peak levels in the area. “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 said in an e-mail yesterday. “We are now considering putting it up for sale.” Barrack wouldn’t give an asking price for the ranch. His Santa Monica, California-based firm took control of the property after buying a $23.5 million note on it in November 2008, when Jackson faced mounting debts and the real estate market was in free fall. The ranch is assessed at $30.3 million by Santa Barbara County, a value limited to 2 percent annual increases under California tax laws. ... “It’s not a development opportunity,” Barrack said in an interview last week at Bloomberg’s Los Angeles office, adding that it would be “very, very difficult” to rezone Neverland. “It’s not Graceland. It’s not a subdivision. -BX

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