Price Drops For MJ’s Neverland Property From $100 Million To $31 Million

Once the costliest property on Beverly Hills, Michael Jackson’s Neverland loses its price tag from $100 million in 2015 to $31 million.

As an attempt to ease the yearslong effort to sell the property. In 2017, after nearly two years on the market at the $100 million price tag, the property switched listing agents to Beverly Hills, Calif.-based Joyce Rey of Coldwell Banker, and the price was slashed to $67 million. A few months later it was taken off the market. It is now being relisted at the $31 million prices with Suzanne Perkins of Compass, who was one of the original listing agents from the property’s first go on the market in 2015.

Ms. Perkins said the property failed to sell in part because “a price tag of $100 million is not chump change.” Plus the property didn’t show well because of the drought affecting California at the time, said Kyle Forsyth, a colleague of Ms. Perkins who shares the listing. The property was also held off the market because of the mudslides and wildfires that afflicted the Santa Barbara, Calif. area. “Everyone pulled back for about a year in general,” Mr. Forsyth said, but now “it’s the right time.”