Michael Jackson's Neverland Ranch to be sold

Michael Jackson's iconic Neverland ranch is to be sold by a billionaire's private investment firm.

According to sources, Tom Barrack's company Colony Capital is planning to put Neverland on the market. The firm currently owns a primary stake in the estate after a deal made in 2007, when it purchased the $23 million loan Jackson owed to private investment group, Fortress Investment.

A representative for Jackson's estate says 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... We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property."

Jackson bought the California property in 1988 and stayed there until his child molestation trial in 2004.