Michael Jackson's rented Los Angeles home (left) may be hard to sell.
Michael Jackson's rented Holmby Hills estate is already becoming an iconic part of the former pop star's history, despite the fact that moving vans have already taken away much of the entertainer's belongings.
The home, at 100 N. Carolwood Drive in Los Angeles, has swiftly become a featured stop on the Hollywood Tragical History Tour, a bus tour offered by (aptly named) tour bus company, Dearly Departed, the Los Angeles Times reports.
Jackson began renting the seven-bedroom, 13-bathroom estate in January for $100,000 a month, reportedly after the home's owner was unable to sell the Jackson estate, which was once listed for $38 million. Built in 2002, the Holmby Hills mansion was purchased in 2004 by its owner, Roxanne Guez, for $18.5 million.
One would think that so much attention would make it easier for its owner to someday sell the estate, but the L.A. Times reports that the opposite is true -- the property may become "stigmatized" and difficult to sell because of the allegations of child molestation that were once raised against Jackson -- even though the star was never convicted of those crimes. (However, he did settle with two victims, paying millions of dollars in damages.)
Even if past criminal allegations don't darken our public remembrance of Jackson, his celebrity is unlikely to one day boost the home's selling price, according to the L.A. Times.
From the L.A. Times: "People who buy houses like that are usually almost celebrities in their own right, so the star quality is not going to affect the price," said Raymond Bekeris of John Bruce Nelson & Associates, who sold a house in 2004 that Jackson had been renting. 'I don't remember ever being in a negotiation where someone said, 'Hey, you should pay more because Michael Jackson lived here.' "
More likely to be stigmatized is Jackson's Neverland Ranch -- which is most closely associated to the child molestation charges against Jackson.
Jackson purchased the Los Olivos, Calif., estate in 1988 for a reported $17 million. If sold today, the Ranch could reportedly sell for $70-90 million, says Access Hollywood.
Readers: What do you think? Do you think homes associated with Jackson will have greater or lesser selling power?—Lauren Baier Kim