Colony Capital property management company will put the former Michael Jackson home and grounds 'Neverland Ranch' up for sale on Aug 1st.

Colony owns the majority of the loan after buying out the mortgage from Jackson after his 2003 child molestation trial. And part of the original agreement allows the company to sell the property.

It's valued somewhere between $20-25 Million for the homes, land and amusement park equipment amid the 3000 acres.  But Colony expects the sale price to be closer to $60 million, thanks to it's notoriety.

According to Contact Music: "...what would you get for your $60 million? Stories concerning the magnificence of the property are legendary, reminiscent of the ludicrous splendour of Charles Foster Kane’s Xanadu mansion in the film Citizen Kane. In addition to over 3,000 acres of land, there is definitely a petting zoo, numerous rollercoasters and rides such as an Octopus, Carousel, Zipper and Pirate Ship, as well as bumper cars, amusement arcades and a Ferris wheel. Oh, and two railroads with steam locomotives, apparently."

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