Jackson family 'disappointed and saddened' following reports Neverland Ranch is to be sold

2,700 acre property placed on the market, according to reports

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Michael Jackson's Neverland Ranch is reportedly up for sale.

Forbes reports that the Colony Capital group, whose owner Tom Barrack has been managing partner of the property since 2007, have decided to place the property on the market after debts involved in the outlandish home of the late pop star reached $50m (£29.6m).

Reports suggest that Colony Capital were investing $5m (£2.9m) per year just to keep the ranch going. This, combined with a $23m (£13.6m) debt they took on as part of the deal struck seven years ago, has made things untenable.

The Jackson Estate is not happy with the decision with an unnamed representative telling the publication that they are "frustrated, bitterly disappointed, and saddened that it has come to this... Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."

Michael Jackson died on June 25, 2009. The cause of death was acute propofol and benzodiazepine intoxication, which caused him to suffer cardiac arrest at his home on North Carolwood Drive in Los Angeles. His personal physician Conrad Murray was convicted of involuntary manslaughter in 2011 and served a two-year prison sentence.

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