SEE: Michael Jackson's iconic Neverland Ranch is back on the market at a dramatic price cut

Michael Jackson's Neverland Ranch in California is back on the market for $31m, a steep cut from the $100m asking price four years ago.

The 1 093 hectare estate located near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms along with three guest houses, a four-acre lake with a waterfall, tennis courts, several barns and animal shelter facilities.

The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Kyle Forsyth, one of the listing agents, told US media.

He said the compound has been well maintained and "with the drought ending and the Santa Ynez Valley in full bloom," now was the best time to sell.

Jackson reportedly paid $19.5m for the property in the 1980s but a real estate investment firm bought it in 2008 for $22.5m after the singer defaulted on a loan.

The King of Pop died the following year.

News of the sale comes as HBO is set to air on Sunday a damning four-hour documentary titled "Leaving Neverland," which includes the testimonies of two men who claim Jackson sexually abused them as children all over the ranch, including the attic, the master bedroom and the pool.

Jackson faced multiple allegations of child sex abuse during his lifetime.

His ranch was raided in 2003 as part of a child molestation case against him and police at the time seized a large collection of pornography and images of nude children.

Jackson was acquitted in the case in 2005.

Michael Jackson’s Neverland ranch
Michael Jackson’s Neverland ranch. (Paul Harris/Getty Images)

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