Michael Jackson's Neverland Ranch on sale for $60 million

Michael Jackson's iconic Neverland Ranch, the 2,700 acre home of the late singer, is up for sale for $60 million.

The huge property is located in Santa Barbara County, California, and features a petting zoo, Ferris wheel and full-scale arcade amongst its bizarre features.

The property is currently managed by billionaire Tom Barrack's Colony Capital firm who, according to Forbes, took over Neverland's $23 million debt from Jackson in 2007.

The total investment put into the property by Colony Capital since 2007, including the inherited debt and upkeep costs, comes to around $50 million. An unnamed Jackson family representative who was contacted by Forbes said they were distraught at the possibility of losing Jackson's home, which was bought by Jackson in 1988.

"We are frustrated, bitterly disappointed and saddened that it has come to this" they said. "Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."

Though some have suggested that instead of selling, the property is turned into a tourist attraction, this is problematic due to the property's bad accessibility.