A 2,700-acre California ranch once belonging to the King of Pop has been up for sale for six months and having failed to attract any local buyers, its owners are now looking east.
Luxify, an online marketplace for new, vintage, and pre-owned luxury goods, is betting on China's wealthy to snap up multi-million dollar properties such as the Neverland estate and Michael Jordan's Highland Park mansion—which has been on sale since 2012—amid a dearth of interest from American buyers.
"Our goal is to display these unique properties to Chinese buyers," Alexis Zirah, co-founder of Luxify, told CNBC on Friday.
"If you look at the U.S. property market, it's been boosted by an influx of Chinese investors. They are the largest foreign investors, having spent $30 billion last year alone. Those people are really buying things at the high end of the market; their average purchase is about $800,000 as opposed to $345,000 for American citizens."
Indeed, the ever expanding wealth of China's upper class has been well documented, most recently by the $170 million credit card purchase of a Modigliani painting by taxi driver-turned-billionaire Liu Yiqian.