Could Neverland Become the Next Hot Resort?
by: Tal Pinch
Could Neverland Become the Next Hot Resort? Having dealt with our mixed emotions upon learning that Michael Jackson has officially signed away his ownership of the fabled Neverland Ranch, speculation has already started on what?s next for the bizarre hideaway. Could there be some intriguing new real-estate opportunities in Southern California? While most of the carnival rides littering the 2,500-acre property have started falling apart, the majority share of the estate is now owned by Sycamore Valley Ranch Company. Other than Jacko no longer living at Neverland, the transfer of the deed didn?t mean much until it was revealed that Sycamore was actually a joint venture between Jackson and Colony Capital, the investment firm that paid off the roughly $25 million in debt the King of Pop owed on the property. Colony Capital is also the company behind the Las Vega Hilton, Atlantic City Hilton, Bally?s Tunica, Fairmont Hotels, and Meadowlands Xanadu, the upcoming massive sports and entertainment complex in New Jersey that will feature an indoor ski hill, fine dining, and luxury hotels. The Southern California estate has been closed since 2006 when Jackson was no longer able to pay his staff or maintain the considerable insurance on a massive property that also has a zoo on the premises. Considering the property lies right in the middle of Santa Barbara wine country, there are a variety of options open to Colony Capital, who could convert the estate into everything from a vineyard to a spa to a luxury resort combining the two. The area is already full of some fine getaways, including the Spanish Colonial-themed Bacara Resort, the picturesque Biltmore Four Seasons, and all kinds of luxury day spas and resorts. A similar property on the Neverland grounds would dwarf all of its neighbors. Whatever does happen to Neverland, you probably won?t find an amusement park, zoo, or Michael Jackson museum. Either way, there could be a fascinating ground-floor real estate opportunity in there somewhere.