Michael Jackson home up for sale.

Michael Jackson’s former Neverland Ranch has hit the market for $100 million, the The Wall Street Journal was first to report this week. But with the late King of Pop deceased, who stands to benefit from the property’s sale? Not the Jackson family…at least not by much. Instead, Colony Capital, the real estate investment firm run by former Forbes 400 member Tom Barrack, would reap the majority profits of a potential sale.

Back in 2008, Michael Jackson was in dire financial straits and Fortress, the holder of $270 million in loans he owed, was about to foreclose on Neverland, according to this fantastic story in New York Magazine. Barrack’s Colony Capital agreed to bail Jackson out–but only if Jackson went back to work. Colony would pay the $23.9 million note on Jackson’s property and take possession of Neverland, and help arrange for the pop singer stage a comeback tour. Instead, Jackson died 18 days before the first concert.A representative for Barrack would not disclose the stake in Neverland that Colony now holds, but it’s safe to assume that it is sizable, and possibly all of the ranch. Colony has steadily renovated the property, which was in a state of disrepair when Jackson was living there. The 2,700-acre ranch features some 22 structures, including a six-bedroom main house and a four-bedroom guesthouse. Jackson’s amusement park has been removed. “It’s a walk-in right now. It’s beautiful. The owners have done an amazing job,” said Suzanne Perkins, of Sotheby’s International Realty, who shares the listing with colleague Harry Kolb and Jeff Hyland of Los Angeles-based luxury firm Hilton & Hyland.