Five years after Michael Jackson's death, Neverland Ranch is set to be sold.

The 3,000 acre property will reportedly be put on the market by Colony Capital, who own a primary stake in the estate. The company bought out the late singer's $23 million mortgage to save it from foreclosure in 2008. The Jackson estate tells Forbes magazine, "We are frustrated, bitterly disappointed and saddened that it has come to this. Sadly, Michael lost control of Neverland during his life as a result of advice from a former manager."

The property, which Michael lived in from 1988 until his child molestation trial in 2004, is estimated to be worth about $27 million, but could fetch as much as $60 million.

Neverland fell into decline after Jackson's death in 2009, but was restored last year.