Neverland Ranch, now Sycamore Valley Ranch, is relisted for $67 million

— -- Michael Jackson's Neverland Ranch, now known as Sycamore Valley Ranch, has hit the market yet again.

This time, the 2,700-acre estate, located in California's Santa Ynez Valley, has an asking price of $67 million — a significant drop from the $100 million price tag it had back in 2015.

According to a report in the Los Angeles Times, listing agent Joyce Rey of Coldwell Banker said the original price allowed private equity firm Colony Capital, which entered into an ownership agreement with Jackson in 2008, "time to better determine the future of the ranch."

"This quintessential California estate is now ready for the next chapter in its journey," she said.

Jackson, who died in 2009, purchased the ranch in 1987 for $19.5 million and lived here for 15 years, according to a 2015 report from the Wall Street Journal. The newspaper also reported that in 2008, after the King of Pop defaulted on a $24.5 million loan, Colony Capital bought the note for $23 million, formed a joint venture with the singer, and spent millions on upgrades with the intention of selling it.

According to the listing, which Rey's office confirmed to ABC News was posted today, the 12,598 sq. ft. main residence features 16 bedrooms and 29 bathrooms. The property also boasts a lake, a pool house near a 14-foot deep lagoon-style pool, a movie theater, dance studio, barns, corrals and separate staff facilities.