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Michael Jackson's Neverland Ranch is back on the market — for $33 million less

The asking price for Neverland Ranch, the former home of Michael Jackson, has been slashed by $33 million to $67 million.
/ Source: TODAY

It's synonymous with Michael Jackson, and it just got $33 million cheaper in case you're interested in buying.

The official name of the 2,700-acre spread in Los Olivos, California, is Sycamore Valley Ranch, but it's better known as Neverland Ranch, the former home of Michael Jackson. It originally hit the market at $100 million in 2015, but the asking price has now been reduced to $67 million, according to the listing by Coldwell Banker real estate agent Joyce Rey.

In December 2015, NBC's Joe Fryer got a rare tour of the property, where there's a thorough vetting process for potential buyers just to be allowed to see the ranch.

"Michael's vision was to take the ranch back to its natural setting and to sell the ranch eventually,'' Kyle Forsyth of Colony Capital told Fryer. "So we're just following through with our original vision."

RELATED: Get a rare look at Michael Jackson's Neverland Ranch, on sale for $100 million

Jackson bought the ranch in 1987 for $19.5 million and turned it into a Peter Pan-inspired amusement park with a 12,000-square foot, six-bedroom mansion as the centerpiece. In 2005, the ranch was the site of child molestation accusations against Jackson, who was charged and acquitted.

Michael Jackson's Neverland Ranch
A view of the pool at Michael Jackson's Neverland Ranch, which is on the market for $100 millionTODAY
Michael Jackson's Neverland Ranch
Michael Jackson bought the property in 1987.TODAY

Colony Capital bought the property from Jackson for $22.5 million before his death in 2009 when he was in default on a loan. TODAY's Matt Lauer was given a rare glimpse inside the workings of the ranch shortly after Jackson's death.

The amusement park rides and circus animals are gone, but the railroad tracks and the train station with a giant clock made of flowers remain intact. Also, a 50-seat movie theater designed by Jackson is still part of the property. Fryer also was given a rare look at the spectacular view overlooking the ranch's four square miles, which includes Mount Catherine, named after Jackson's mother.

Michael Jackson's Neverland Ranch theater
The property includes a large home cinema.TODAY

The buyer will be free to alter the property as he or she sees fit, but the hope is that it will be someone with an appreciation for its history.

"We still have an affinity for Michael and a deep respect for Michael's legacy,'' Forsyth said.

This post was originally published Dec. 28, 2015 and was updated to reflect a price change.

Follow writer Scott Stump onTwitter.