Michael Jackson’s Neverland Ranch sold to billionaire businessman for $22m

Alexander Davis | ConsumerConnect

Late Michael Jackson’s Neverland Ranch in California, United States, has found a new owner in billionaire businessman Ron Burkle.

The billionaire views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, according to his spokesman in a recent e-mail communication.

The Wall Street Journal (WSJ) reports the property was sold for $22 million to Burkle, an associate of the late pop star and Co-founder of the investment firm Yucaipa Companies.

Report says the asking price of the property was $100 million in 2016, then dropped to $67 million a year later.

Besides a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio.

Other features on the ranch are a “Disney-style” train station, a fire house and barn.

Burkle’s spokesman noted that the billionaire businessman had been eyeing Zaca Lake — which adjoins the property — for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto.

Burkle ultimately decided the location was too remote and expensive for a club, and he is the controlling shareholder of Soho House.

After Burkle saw the property from the air, he put in an offer to purchase, report stated.