Michael Jackson’s Neverland Ranch has been listed for sale at a price of $100 million (£65 million).

The California estate was first listed for sale in 2014. Jackson originally paid $19.5 million for the house in 1988 and lived in the sprawling property in Santa Barbara County until his death in 2009. It is currently owned by hedge fund Colony Capital LLC, who bailed the singer out for $24.5 million (£16 million) debts he owed on the property shortly before his death.

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The owners are currently listening to proposals for the 2,700 acre property, with it previously reported that a local businessman bid $40m for Neverland to be transformed into a therapy camp for abused children. “His goal is for the place to be used to help children in a serene setting recover from the trauma of sexual abuse,” a source said.

The Jackson Estate previously issued a comment stating that they are “frustrated, bitterly disappointed, and saddened” about the sale. A statement added: “Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager.”

Jackson, who died in 2009, was previously accused of child sexual abuse charges but was acquitted in 2005. Last year fresh allegations of child abuse were made against Jackson.