Michael Jackson purchased the estate from Bone in 1988 for an amount that is not certain. Some sources indicate $19. 5 million while others suggest it was closer to $30 million US dollars. The property was initially purchased by a trust with Jackson's lawyer, John Branca, and his accountant, Marshall Gelfand, as trustees, for reasons of privacy. The arrangement was later rescinded by Jackson in April 1988 and he became the ultimate owner of the property. It was Jackson's home as well as his private amusement park and it contained a floral clock, numerous artistic garden statues, and a petting zoo. The amusement park included two railroads: one 3 ft (914 mm) narrow gauge named "Neverland Valley Railroad" with a steam locomotive named Katherine after his mother (Crown 4-4-0 (2B); built 1973 with two coaches), and the other a 2 ft (610 mm) narrow gauge with a locomotive named C. P. Huntington made by Chance Rides. There was also a Ferris wheel, Carousel, Zipper, Octopus, Pirate Ship, Wave Swinger, Super Slide, roller coaster, bumper cars, and an amusement arcade. The master closet also contained a secret safe room for security. Jackson was also an avid art collector.
Today, the ranch is owned by Colony NorthStar .  The ranch is located about 5 miles (8 km) north of unincorporated Los Olivos , and about eight miles (13 km) north of the town of Santa Ynez . The Chamberlin Ranch is to the west, and the rugged La Laguna Ranch, is to the north. The Santa Barbara County Assessor's office says the ranch is approximately 3,000 acres (1214 hectares).