ML-Implode News - Why Michael Jackson's Neverland Ranch Still Isn't Sold

"The uber-luxury high-end market is not anywhere near where it was three, four, five years ago," said Brendon DeSimone, real estate expert with listings site Zillow.com. "That market has just really slowed down, and there are only so many billionaires who can afford to buy these homes." (Bloomberg, by the way, counts at least 200 global billionaires, but not all of them are looking for a far-flung ranch.)
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The property--purchased from a financially ailing Jackson in 2008 with a $23.5 million note from Thomas Barrack Jr.'s Colony Capital LLC--is located in Los Olivos, a town of around 1,100 residents located about 130 miles northeast of L.A. That's pretty far from the proliferation of the highest-end homes. "Most of the homes in these price ranges are waterfront, or with ocean views, or they're in the cities," said DeSimone. "They're concentrated in L.A., New York, San Francisco, and Miami."

Alert readers might recall that Implode broke the story on the foreclosure of Neverland ranch back in 2008.

Relevant:

Why Michael Jackson's Neverland Ranch Still Isn't Sold