By PEOPLE Staff
March 02, 2017 at 03:38 PM EST
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Michael Jackson's Neverland Ranch
Credit: George Rose/Getty Images

Michael Jackson’s onetime California ranch is returning to the real estate market for roughly $33 million less than its original asking price.

The ranch was known under the late pop star’s ownership as ‘Neverland’ and is located about 40 miles away from Santa Barbara, Calif., the Wall Street Journal reports.

It was originally listed in 2015 for $100 million but the price has now been lowered to $67 million, according to the Journal. The seller is a joint venture between Jackson’s estate and a fund managed by real-estate investment trust Colony Northstar.

The $100 million asking price was “was a difficult number to achieve,” Suzanne Perkins, who worked as the property’s 2015 listing agent, told the Journal.

Jackson bought the property in 1987 and lived there for over 15 years. He died in Los Angeles in 2009. Some of his most famous additions to the ranch, like a train station and a flowery clock reading ‘Neverland’, remain.

The revamped property is known these days as “Sycamore Valley Ranch” and stretches to around 2,700 acres.

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