Michael Jackson pictured in the grounds of his beloved Neverland ranch.

The 1,092-hectare property near Santa Barbara, California, has been renamed Sycamore Valley Ranch. The listed price represents a significant cut from the $A132 million it was on the market for last year.

In addition to a 1160 square metre main residence and a 343 square metre pool house, the listing boasts a separate building with a 50-seat movie theatre and a dance studio. Other features on the ranch are a Disney-style train station, a fire house and a barn.

Michael Jackson's Neverland Ranch. Picture: Jim BartschSource:Supplied

Michael Jackson's Neverland Ranch. Picture: Jim BartschSource:Supplied

Michael Jackson's Neverland Ranch. Picture: Jim BartschSource:Supplied

Jackson sold the ranch to Colony Capital prior to his 2009 death for $29.8 million. Colony Capital is headed by Thomas Barrack, a confidant and fundraiser for President Donald Trump.

The property is being reintroduced by Joyce Rey of Coldwell Banker Previews International.

Michael Jackson's Neverland Ranch. Picture: Jim BartschSource:Supplied

Michael Jackson's Neverland Ranch. Picture: Jim BartschSource:Supplied