Why Michael Jackson's former Neverland Ranch has had another price chop

​The California estate once known as Neverland Ranch had its price slashed by a third, to $US67 million ($87.53 million), and its brokers are downplaying the property’s ties to its former owner, the late pop star Michael Jackson.

The ranch, acquired by Thomas Barrack Jr.’s Colony Capital Inc. as Jackson faced financial troubles in 2008, was put up for sale for $US100 million almost two years ago.

Real estate broker Joyce Rey, of Coldwell Banker Previews International, on Wednesday said the property is being “re-introduced to the market” at the lower price. It’s now named Sycamore Valley Ranch.

“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,” Rey said in a statement, touting the property’s proximity to downtown Santa Barbara, a 30 minute drive away, and to the Santa Ynez Valley’s wine region.

The “quintessential California estate” was designed for recreation and entertaining, and is well-suited for vineyards, Rey said.

No mention is made of the property’s one-time owner. Jackson bought the property in 1988 and transformed it into an amusement park and zoo, but stopped visiting after police searched the residence to investigate allegations of child molestation against Jackson.

He died in 2009 of cardiac arrest and acute drug intoxication at age 50 while preparing for a comeback tour.

The gated, 1092 hectare ranch – 20 hectares of which are maintained — has a five-bedroom, French Normandy-style manor designed by architect Robert Altevers in 1982.

The 1170 square-metre mansion has exposed timber beams, five fireplaces, 18th-century French oak parquet flooring from two chateaus in France and a separate apartment located above its garage.

Near the main house is a 510 square-metre guesthouse with four separate suites, Coldwell Banker said. The ranch borders Los Padres National Forest.

This story was first published by Bloomberg