Michael Jackson's Neverland Ranch is officially on the market for $100 million - double what it was expected to go for

Michael Jackson's famed Neverland Ranch has hit the market for $100 million.

Now called "Sycamore Valley Ranch," the 2,700-acre ranch in Los Olivos, California was bought by private investment firm Colony Capital in 2008 for $23.5 million.

With millions put into its restoration, the listing is being split by Sotheby's broker Harry Kolb and Hilton & Hyland's Jeffrey Hyland.

Hyland told The Wall Street Journal that they're "not encouraging a lot of showings." Added a representative from Sotheby's, "We're not going to be giving tours."

Alyson Penn contributed to an earlier version of this story.