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Future of Neverland

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RIP Michael Jackson. Let's say it again: RIP. Just about a week ago, the Wall Street Journal story ran a very good story about the state of Jackson's former Santa Barbara's Neverland Ranch. The 2,600-acre property was owned via a joint partnership between Los Angeles-based Colony Capital LLC and Jackson. Colony, which is in the process of refurbishing the estate, told the Journal they hoped to sell the estate for $90 million. According to the paper, the ranch--which was built in 1981 by real-estate developer William Bone, who named it Sycamore Valley Ranch--was purchased by Jackson in 1987 for $19.5 million. Via the paper: "While Colony seeks to remove some reminders of Mr. Jackson's tenure, company executives recognize that the singer's imprint remains. [Kyle Forsyth, Colony's project manager] says express-mail delivery drivers stopped taking packages to the property when they were addressed to "Sycamore Valley Ranch," because they didn't recognize the name. For official correspondence, the ranch for now is called "Sycamore Valley/Neverland." Most recently, Jackson, who had vowed never to return to Neverland, according to press reports, had been renting a Holmby Hills home for $100,000 per month. UPDATE: The Richard Landry-designed house Jackson was renting is at 100 N Carolwood Drive. [WSJ]