Luxify looks to link China and King of Pop

Updated: 2015-12-03 11:56

By Jack Freifelder in New York(China Daily USA)

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 Luxify looks to link China and King of Pop

Owners of Sycamore Valley Ranch, which is known as Neverland Ranch formerly owned by Michael Jackson and has been on the market since May, are seeking Chinese buyers. Provided to China Daily

The music of Michael Jackson has been heard all over the world, and now buyers in China are being given a shot to grab a piece of his past.

Formerly known as Neverland Ranch, the 2,700-acre site in Los Olivos, California is now called Sycamore Valley Ranch. The estate features a swimming pool, two lakes, a 50-seat movie theater, tennis and basketball courts, a railroad track, six bedrooms and a hefty price tag.

The California ranch first went on the market in May for $100 million. Jackson bought the property for $19.5 million in the late 1980s, according to a May 28 report from The Wall Street Journal.

But after being up for sale for eight months, the owners are starting to look to Asia to find a potential suitor. And Luxify, an online-to-offline marketplace for luxury goods, is hoping it can help find a buyer.

"The Neverland Ranch was brought to Luxify via one of our subsidiaries," said Alexis Zirah, co-founder of Luxify, on Monday. "It's one of the first times it has been marketed in Asia."

Zirah's firm has had a "strong focus on China" and received several serious inquiries from families and private bankers in Hong Kong on behalf of investors from the Chinese mainland.

"We are confident we can identify and bring the right profile of interested buyers to the broker we are working with for Neverland," Zirah said.

"My view for Neverland is that Chinese buyers love a piece of history and they want something of unique value.

"Therefore, we have the right brand positioning to attract sellers of luxury goods and to attract the right audience," he added.

Zirah told China Daily the job entails working online via targeted digital ad campaigns and offline through a number of avenues, including a marketing team based in Shanghai to "promote Neverland to potential buyers".

On Oct 27, Alibaba's Taobao market website held a one-day auction for the listing with a starting price of $79 million.

The auction received more than 60,000 views, data from Alibaba showed, but only one individual placed a deposit of 50,000 yuan ($7,813) for the chance to bid. He ultimately turned down a formal offer to buy the estate.

The estate, which is about 130 miles northwest of Los Angeles, was named after the fantasy island that was home to Peter Pan in the written works of Scottish author J.M. Barrie.

It is located in the Santa Ynez Valley, a region known for its wineries.

Luxify, which launched in November 2013, is an online-to-offline marketplace for buying and selling new, vintage, and pre-owned luxury goods. The platform allows shoppers to engage directly with people looking to sell luxury goods, but requires buyers and sellers to connect offline to complete a transaction.

The company, which is based in Hong Kong and has additional operations in Singapore, Chinese mainland and the United Kingdom, also works with third-party experts in Hong Kong to ensure the authenticity of listed items.

Nearly 70 percent of Luxify's user base comes from Asia, Zirah told China Daily, a group that includes shoppers from Chinese mainland, Hong Kong, Indonesia, Malaysia and Singapore.

The company maintains an inventory of nearly 11,000 products totaling about $3 billion, he told China Daily.

jackfreifelder@chinadailyusa.com

 

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