Michael Jackson’s Neverland property has been re-listed at a cost of $31Million USD. It’s a dramatic discount, considering that the property was initially listed in 2015 for $100 Million USD.

It is the latest development in the yearslong effort to sell the property. In 2017, after nearly two years on the market at the $100 million price tag, the property switched listing agents to Beverly Hills, Calif.-based Joyce Rey of Coldwell Banker, and the price was slashed to $67 million. A few months later it was taken off the market. It is now being relisted at the $31 million

Suzanne Perkins of Compass, one of the original agents for the property said the property failed to sell in part because “a price tag of $100 million is not chump change.” Further to that, Kyle Forsyth, a colleague of Ms. Perkins who shares the listing, said the property didn’t show well because of the drought affecting California at the time. The property was also held off the market because of the mudslides and wildfires that afflicted the Santa Barbara, Calif. area. “Everyone pulled back for about a year in general,” Mr. Forsyth said, but now “it’s the right time.”

In a few days, HBO is slated to air a documentary entitled “Leaving Neverland” that details the accounts of two men who say they were molested by the pop star as children. Mr. Jackson’s estate filed a breach of contract lawsuit against HBO, alleging that airing the documentary would violate a nondisparagement clause from a 1992 contract with Mr. Jackson, according to Howard Weitzman, an attorney for the Jackson estate.

Mr. Weitzman said the timing of the listing has no relationship to the documentary and lawsuit and is entirely coincidental. Mr. Forsyth added that the owners want to sell because “it’s time for new stewardship.”