*Michael Jackson’s 2,700-acre Neverland Ranch could be put up for sale, according to the investment company that owns a controlling interest in the estate, reports Forbes.com.
According to sources familiar with the matter, billionaire Tom Barrack’s Colony Capital is preparing to put the Los Olivos, Calif. property on the market. The firm became Neverland’s managing partner after Barrack struck a deal with Jackson in late 2007 to take over the $23 million note held by private equity fund Fortress.
“We are frustrated, bitterly disappointed and saddened that it has come to this,”
said a representative for Jackson’s estate in an electronic message to FORBES.
“Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”