The Neverland ranch is situated in the County of Santa Barbara, California, and was acquired by the late Michael Jackson in 1987 for the alleged sum of 30 Million dollars.
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He turned his 2,800 acres property into a privately owned children amusement park containing many rides such as Ferris wheel, merry-go-round, super slide, roller coaster, and bumper cars . The Peter Pan theme park, which was also Jackson's home, opened its gates to the public in 1988.
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A few years later, in 1993, Jackson was accused of sexual abuse by 13 year-old Jordan Chandle who previously visited and stayed at the ranch. The police searched the ranch shortly after that but no evidence was found and Jackson was acquitted.
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In 2004, the Ranch was valued at around 120 Million dollars by the US program entertainment tonight. Michael Jackson, although at the heart of a scandal, had managed to quadruple the value of his property in less than 20 years, which is one of the highest rises in property value.
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However this wasn't meant to last as he was once again accused of child sexual abuse in 2005. Following the incident, even though he was acquitted, Michael Jackson started spending his fortune and getting into large debt and the Ranch had to be closed as a cost-cutting measure in 2006.
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At the end of 2007, foreclosure proceeding started and the ranch and its content very nearly went into auction after Michael Jackson failed to pay 24.5 Million arrears. In may 2008, a private investment group, Fortress Investment and Jackson made a private agreement that allowed Jackson to remain the ranch's owner. Shortly after that, another company called Colony Capital LLC took over the debt and the control of Michael Jackson's personal finances. In December he Ranch was renamed Sycamore Valley Ranch and Jacko moved out, no longer feeling at home.
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