Fate Of Neverland Ranch Up In The Air Following Michael Jackson’s Death

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An aerial view of Neverland Ranch, Los Olivos, California, June 26, 2009
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An ariel view of Michael Jackson’s Neverland Ranch in California
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Michael Jackson’s hair flies in the wind as he departs the Santa Barbara County courthouse as court is adjourned for the day in Jackson’s child molestation trial April 29, 2005 in Santa Maria, California

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FIRST PUBLISHED: June 29, 2009 4:01 PM EDT
LAST UPDATED: June 29, 2009 4:10 PM EDT

LOS ANGELES, Calif. --

The fate of Neverland Ranch, Michael Jackson’s former home, is up in the air following the death of the entertainer last week at the age of 50.

Jackson held the ranch in a joint venture with Colony Capital, which helped bail the singer out after he defaulted on a $24.5 million loan for the property last year. The investment company bought the loan for $23 million.

According to Owen Blicksilver, a spokesperson for Colony Capitol, “It’s premature to talk about the future of the property,” he told Access Hollywood.

But earlier this month, Kyle Forsythe, the property manager of the company, told the Wall Street Journal the group planned to sell the property. The company had been renovating the 2,600-acre estate in recent months, removing amusement-park rides and animals including elephants and orangutans.

The company planned to change the name of the property before selling it. The WSJ reported that the group was also planning to let charities host fundraisers there before its sale.

Forsythe previously told the paper that the property, which he believed could be worth $70-$90 million, possibly stood to make Jackson a profit.

“Should Michael Jackson’s career be reaccelerated, it will have substantial additional value,” Forsythe previously said.

Over the weekend, Michael’s brothers — Jackie, Jermaine and Tito Jackson — made a trip to the Santa Barbara County ranch, where they had lunch at the property with investor Thomas Barrack, Blicksilver confirmed to Access Hollywood.

Blicksilver said Barrack “feels very close to the family” and wants to hear their “thoughts on how to best honor Michael’s memory.”

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