Years after his death, Michael Jackson's wrong financial decisions continue to affect his family and estate.

The fantastic, iconic 2,700-acre Neverland Ranch estate will be sold in the near future, according to the real estate investment firm, Colony Capital. The said firm has owned equity in the estate since 1998 and stemming from a deal agreed on with Jackson, the firm would help manage the property as a joint venture.

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Any money that the firm put into the property meant that its share increased, while Jackson's decreased. So far, the firm has put in $50 million into the estate.

According to a Jackson estate representative, "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 Jackson estate said that it is looking at several options regarding the Los Olivos, California property, including buying it back - although that option doesn't seem feasible due to the overwhelming amount needed for its upkeep.

Executors of the singer's estate are aware of their responsibility "to be fiscally responsible in protecting and growing the assets of the Estate for Michael's children."

The King of Pop bought the property from golf course entrepreneur William Bone in 1998. At the time Jackson bought the estate, it was estimated at $30 million.

In 2007, Jackson reportedly almost lost Neverland ranch because of his mounting debts. Luckily, Jackson was able to retain the property after he sold more than 2,000 personal items to pay off his debts. The scheduled early 2009 property auction didn't push through after Jackson paid off his debts with the money he raised.

When Jackson passed away later in 2009, the property was opened to the public so fans could view the singer's body.

Since Jackson's death, Forbes magazine shared that Neverland Ranch has brought in over $750 million before taxes and expenses.

TagsMichael Jackson, ranch, for sale