Michael Jackson's Neverland Ranch in California is back on the market for $31m, a sharp drop from the $100m asking price four years ago.

The 1,093 hectare (2,700-acre) estate located near Los Olivos and renamed Sycamore Valley Ranch features a main house with six bedrooms along with three guest houses, a four-acre lake with a waterfall, tennis courts, several barns and animal shelter facilities.

The dramatic price cut for the iconic property is partly due to years of drought in the region that affected the real estate market, Kyle Forsyth, one of the listing agents, told US media.

He said the compound has been well maintained and "with the drought ending and the Santa Ynez Valley in full bloom," now was the best time to sell.

Jackson reportedly paid $19.5m for the property in the 1980s, but a real estate investment firm bought it in 2008 for $22.5m after the singer defaulted on a loan.

The King of Pop died the following year.

News of the sale comes as Jackson's legacy is under fresh scrutiny in the documentary about alleged child sex abuse.

"Leaving Neverland" features two men now in their 30s and 40s who say they were befriended by Jackson and sexually abused by him starting from when they were seven and ten years old.

It will be aired on US channel HBO on 3 and 4 March and on the UK’s Channel 4 on 6 and 7.

Jackson's family has attacked the film and the singer's estate last week filed a lawsuit against HBO saying the documentary breached a 1992 agreement that the cable channel would not disparage him.

"Michael Jackson is innocent. Period," the estate said in the lawsuit.

HBO said in a statement however it would go ahead with the four-hour documentary and "allow everyone the opportunity to assess the film and the claims in it for themselves".

After the broadcast, HBO will air a conversation hosted by Oprah Winfrey with the director and the two men in front of an audience of sexual abuse survivors.

Jackson, who died in June 2009, was acquitted at a 2005 trial in California on charges of molesting a different, 13-year-old boy at his Neverland ranch in California.

In 1994, he settled a sexual abuse lawsuit concerning another 13-year-old boy.

Jackson's death was met with an outpouring of grief worldwide, a spike in record sales and new projects including a Cirque du Soleil show that have made him the highest-earning dead celebrity for the past six years, according to an annual Forbes survey.

"This is the ten-year anniversary of my uncle's death. We should be mourning, but instead we are being bombarded with lies," the singer's nephew, Taj Jackson, told Reuters.

"Leaving Neverland" focuses on Wade Robson and James Safechuck who relate in graphic detail their experiences in the early 1990s at Neverland and elsewhere. They say that, as boys, they were in love with Jackson.

Mr Robson, now 36, had testified at Jackson's 2005 trial in the singer's defence.

He and Mr Safechuck said they saw their childhood experiences in a new light after they both became fathers to young sons of their own.

The singer's brothers and nephew Taj, who spent years as a child at Neverland, say the accusations are untrue, hurtful and motivated by money.

No one in the family was contacted for the documentary, and they said none of them have seen it.

"I don't care to see it, because I know my brother," said Jackie Jackson, 67, the oldest of the Jackson 5 brothers.

Mr Robson, who met Jackson after winning a dance contest in Australia at age five, and Mr Safechuck, who appeared with Jackson in a Pepsi commercial in 1986, filed after the singer's death lawsuits seeking hundreds of millions of dollars from the Jackson estate.

Both cases alleging sexual misconduct were dismissed but are being appealed.

Director Dan Reed says he wanted to make a film specifically about the experiences of Mr Robson and Mr Safechuck. He noted that the documentary includes interviews and denials the pop star gave about sexual misconduct accusations when he was alive.

"I don't know that the Jackson family has any direct knowledge of what happened to Wade and James," Mr Reed told CBS. "There was no one else in the room."

His family say they remember Jackson as a generous person who gave millions to charities, loved to have fun and wanted to unite people through his music.

"He was a family man. He loved kids around the world. He wanted to be the best at his craft. His music lives on," said Jackie Jackson.