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Michael Jackson's Neverland Ranch sold to billionaire

People Paris Jackson
Posted at 7:49 PM, Dec 24, 2020
and last updated 2020-12-25 10:26:50-05

LOS ANGELES (AP) — Michael Jackson's Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.

Burkle's spokesman said in an email Thursday that Burkle bought the 2,700-acre property near Santa Barbara and views it as a land banking opportunity.

The Wall Street Journal 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.

Burkle is also a co-owner of the Pittsburgh Penguins hockey team.

In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a 50-seat movie theater and a dance studio.

According to the Associated Press, the ranch also features a "Disney-style" train station, a barn, and a firehouse.

In 2016, the property was being sold for $100 million. A year later, it was dropped to $67 million, the AP reported.

According to the WSJ, it was listed last year for $31 million.

The late singer purchased the ranch in 1987 for about $19.5 million, the WSJ reported.

The AP reported that Burke put in an offer on the property after seeing it from the air.