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Michael Jackson's Neverland Ranch on Market for $100M

FILE - A general view of the train station at Michael Jackson's Neverland Ranch in Los Olivos, California, July 3, 2009.

The sprawling Neverland ranch in California, once owned by the late pop star Michael Jackson, is for sale for $100 million, Sotheby's International Realty said Friday.

The 2,700-acre (1,100-hectare) estate in Los Olivos, which once featured a zoo and amusement park where Jackson entertained children, has been renamed Sycamore Valley Ranch. It is being sold jointly by Sotheby's and Hilton & Hyland.

"It officially went on the market this morning," said Suzanne Perkins of Sotheby's.

Jackson, who died from an overdose of the anesthetic propofol at age 50 in 2009, had purchased the property in 1987 for $19.5 million. After financial troubles, he handed over the title to the ranch in 2008 to investment firm Colony Capital LLC, which held his $23 million loan on the property.

"We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide," the singer's estate said in a statement Friday.

Jackson, a former child star whose hits included "Thriller" and "Billie Jean," was one of the most successful entertainers of all time and the recipient of 13 Grammy Awards.

Jackson named the property after the land in the fairy tale of Peter Pan by author J.M. Barrie about a boy who refused to grow up. The estate has been extensively renovated but the floral clock with the word "Neverland" spelled out and the railway still remain.

Perkins said she would not be giving tours of the property.