Michael Jackson's ranch back on market at steep discount

LOS ANGELES - Michael Jackson's Neverland Ranch in California is back on the market for $31 million, a steep cut from the $100 million asking price four years ago.

The 1,093-hectare estate located near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms along with three guesthouses, a four-acre lake with a waterfall, tennis courts, several barns and animal shelter facilities.

The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Kyle Forsyth, one of the listing agents, told US media.