London, Aug 1 ANI | 1 year ago

Michael Jackson's sprawling Neverland Ranch is set to go on sale five years after the his death and is expected to fetch a whopping 60 million dollars.

The Santa Barbara property will reportedly be put on the market by Colony Capital , who bought out the late singer's 23 million dollars mortgage to save it from foreclosure in 2008, in order to recoup the debt they are owed on the house, the Mirror reported.

According to sources, Colony Capital has the legal right to sell the property to pay down the debt they are owed from the loan, interest, management fee and maintenance costs.

Michael bought the 3,000 acre property in 1988 and lived there until his child molestation trial in 2004.

(Posted on 01-08-2014)

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