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Late American singer Michael Jackson's former home, known as Neverland Valley Ranch, is going on the market for US$100 million, a Wall Street Journal report said on Thursday.

Michael Jackson's iconic Neverland [File photo: qq.com]

The ranch, now called "Sycamore Valley Ranch," still has its iconic floral clock, firehouse building, train station, railroad, 50-seat theater, barbecue zone, basketball court, tennis court, main houses and guest houses situated between two lakes, although the animal park and amusement park rides are gone, said Suzanne Perkins of Sotheby's International Realty, who shares the listing with Harry Kolb of Sotheby's and Jeffrey Hyland of Hilton & Hyland.

Jackson paid US$19.5 million for the ranch in 1987 and lived there for more than 15 years. Amid financial struggles, he defaulted on a US$24.5 million loan backed by the ranch. Real-estate investment firm Colony Capital bought the note in 2008 for US$23 million and put the title into a joint venture it formed with the pop star. Colony spent millions on upgrades to the property, intending to eventually sell it.

Michael Jackson's estate said in 2014 that they were "saddened" to hear news of the impending sale. They said in a statement: "We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The estate will maintain Michael's family home in Encino, including its iconic recording studio there."

The statement also added, "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 property spans about 2,700 acres and has about 22 structures on it, Perkins said. Acknowledging Jackson's many enthusiastic fans, the listing agents warned they will be doing "extensive prequalification" checks of potential buyers before showing the property.

In recent news related to the late singer, a dancer-choreographer who alleges he was molested by Michael Jackson was ruled unable to file a late claim against the singer's estate.

Los Angeles Superior Court Judge Mitchell Beckloff ruled to dismiss Wade Robson's petition after he heard more than a month of arguments on the estate's motion to toss the case.

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