Neverland: Celebrity shrine or stigmatized property?

NeverlandEven though Michael Jackson sold Neverland in a $22.5-million deal this year when the property was in foreclosure and his latest residence was a $100,000-a-month rental in Holmby Hills, both properties are strongly associated with the pop icon who died yesterday.

I put together a story about whether the Jackson ties will raise, lower or not affect the value of these homes.

Check it out and tell us what you think.

-- Lauren Beale

Thoughts? Comments?

Photo: A 2003 picture of the Neverland Ranch Railroad Station near Los Olivos. Credit:  Mike Eliason / Santa Barbara News-Press

 

Michael Jackson is leasing for $100,000 a month

Although it’s unlikely that a Ferris wheel will sprout on the lawn or an exotic animal wander down Sunset, perhaps it’s time for community vigilance: Michael Jackson is back in town.

The Bel-Air mansion that he has leased for $100,000 a month is no Neverland, but the Gloved One is making do. According to Tohme Tohme, Jackson’s manager-spokesman, the pop icon moved back to Los Angeles to be closer to "where all the action is" in the entertainment industry.

The gated estate that Jackson is leasing was one of the most expensive L.A. homes offered for sale last year. It was taken off the market after Jackson signed a one-year lease.

Tohme suggested that Jackson might use the time to "build his own dream house." (Wasn’t Neverland his dream house?)

So for now, Jackson will be hanging his surgical mask in a French Chateau-style estate that was built in 2002 with all the bells and whistles that architect Richard Landry could conceive. It’s a voluminous 17,000-square-foot place that shouts Old World elegance at you -- not exactly what one might envision for the fun-loving Jackson.

The house has seven bedrooms, 13 bathrooms, 12 fireplaces and a theater. There is a multi-story grand entry, parquet hardwood floors, elaborate wrought-iron railings, a formal dining room worthy of entertaining his Dubai royalty friends, and a wood-paneled den-library with coffered ceilings. There’s a butler’s pantry off the state-of-the-art kitchen, and a wine cellar and tasting room. The pool area is quite stunning as well, although given that Jackson doesn’t allow sun to touch him, it may be under-utilized.

Jackson, who can’t stay out of the public eye no matter how hard he doesn’t try, was photographed on New Year's Eve wearing his pajamas in a Santa Monica bookstore as he browsed among the racks. He was shielded by a black umbrella and sported dark glasses and a face mask. Surprise, surprise -- he was recognized anyway.

Unofficial biographer Ian Halperin claimed last month that Jackson was suffering from a life-threatening lung ailment and might be seeking medical treatment at a major U.S. hospital. The Jackson camp denied all such allegations, dismissing them as a publicity stunt to help boost sales of Halperin’s books. Spokesman Tohme says Jackson is well and weighing various entertainment projects.

Gone from the picture for now is the 120-acre estate in the hills outside Santa Barbara that Jackson called home for years. The Neverland Ranch featured a zoo, roller coaster, game arcades and a Ferris wheel, but it fell into disrepair after Jackson left the country for Bahrain following his acquittal on child molestation charges in 2005.

The compound hovered on the brink of foreclosure for an Ed McMahon-like eternity. In November, it was reported that Jackson surrendered title to the Neverland Ranch to the Sycamore Valley Ranch Co. -- a joint venture between Jackson and an affiliate of Colony Capital LLC.

And soon to be gone for good is Jackson’s glittery glove. The trademark glove, along with the Neverland Ranch gates and more than 2,000 other personal items, are scheduled to be auctioned in Beverly Hills in April by Julien’s Auctions.

--Ann Brenoff

Thoughts? Comments?


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