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Michael Jackson's infamous Neverland Ranch has been on the market since May. It will be up for auction on Taobao, Chinese online shopping website, with a starting price of 500 million yuan ($79 million).

The auction will last for one day, which will kick off China's online “Double 11” shopping festival on Nov. 11 this year. As of 3 p.m. yesterday, only one person was enrolled in the auction with no bids as yet.

This is not the first time that Taobao has been used to sell overseas properties to wealthy Chinese. In July, a luxury resort, valued at about $258 million, with 1,500 villas and apartments in southern Portugal was sold via Taobao auction.

The Neverland Ranch is one of top luxury properties in the U.S. The main building has three floors, six bedrooms and seven bathrooms, with an area of 1,170 square meters. It is evaluated at about $100 million on the market.

The ranch has a natural lake with waterfall, private swimming pool, large barbecue area and a tennis court. In addition to the main building, it also has three guest buildings and its own movie theater.

Jackson bought the ranch in 1988. He named the property after Neverland, the fantasy island in the story of Peter Pan, a boy who never grows up.