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Michael Jackson's Neverland Ranch is spruced up and ready for possible sale

Flickr member Kyle Harmon

Michael Jackson's former Neverland Ranch could soon be listed on the local real estate market. A representative for the investment firm that currently owns the property tells KCBX that putting the ranch up for sale is now under consideration.

The nearly 2700 acre parcel just outside of Los Olivos in Santa Barbara County was acquired by Colony Capital LLC back in 2008, about a year before Jackson's death.  

News reports at the time valued the deal at more than $23 million. The Santa Barbara County real estate market has shown healthy gains in recent years, and a recent report by Bloomberg says the property could now fetch as much as $50 million.

Colony Capital CEO Thomas Barrack said in an email to the publication that he has restored the property to its "original elegance."

Zoning in the area would make it very difficult to convert the property into a Graceland-like attraction, or anything else other than a residence and agricultural farm land.