The vast Neverland ranch that belonged to the late Michael Jackson has gone back on the market in Los Angeles, albeit with its original asking price of $100 million lowered by a third to $67 million.

The sprawling property, consisting of 2,700 acres of park-like land outside Santa Barbara near the Saint Ynez Valley, surrounds a mansion built in 1982 by architect Robert Altevers. Measuring 13,000-square-feet, the central house features exposed beams, parquet floors, five fireplaces and a master wing complete with its own garden.

Michael JacksonThe late Michael Jackson's Neverland ranch is on sale for $67 million

A 50-seat theatre and dance studio and separate two-bedroom and four-bedroom guesthouses are among nearly two dozen other buildings located on the estate. It also boasts a swimming pool, a sports centre and a red stable for horses.

Jackson originally purchased bought the property in the late 1980s from sports entrepreneur William Bone. He was in default on the loan on the ranch when Colony Capital purchased it eight years ago, just after his death in 2009 at the age of 50.

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The property is now known as the Sycamore Valley Ranch, and is bereft of a few of the distinguishing features that the King of Pop had added, such as an amusement park and zoo. However, he had stopped living at the property for years after police searched it following the notorious child abuse allegations levelled against him.

According to the Los Angeles Times, the original asking price of $100 million back in 2014 was listed to give Colony Capital “time to better determine the future of the Ranch… this quintessential California estate is now ready for the next chapter in its journey” quoting listing agent website Joyce Rey.

It describes the property as being “surrounded by manicured lawns, gardens, and magnificent trees, as well as a gorgeous lake with waterfall and swans, boat stops and beach.”

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