Built in 2015 for $ 100 million. Sold the late pop star Michael Jackson’s famous Neverland Ranch for $ 22m, according to public records, the WSJ reported.
Michael Jackson’s famous Neverland Ranch in California has finally been sold more than 10 years after the pop star’s death, who abandoned the property after his trial on charges of raping a young boy there.
Billionaire investor Ron Burkle, a former family friend of Jackson, recently bought the large 1,100-acre property, his spokesman said Thursday.
The Wall Street Journal said the property, which was renamed Sycamore Valley Ranch several years ago, sold for $ 22 million, according to public records. In 2015, the price was $ 100 million, and in 2017 it was re-listed at $ 67 million.
Burkle’s spokesman said the businessman saw the investment as an opportunity for land bank. He saw the property from the air while looking elsewhere and contacted Tom Barrack, the founder of real estate investment company Colony Capital LLC, to seal the sale. The ranch was not on the market at the time.
Jackson, who died of an overdose of the anesthetic Propofol in 2009 at the age of 50, bought the property in Los Olivos, about 193 kilometers north of Los Angeles, in 1988 for $ 19.5 million. After financial problems, in 2008 he handed over the title to Colony Capital LLC, which had a loan on the property.
Neverland, a name taken from the Peter Pan tale of a boy who refused to grow up, became Jackson’s favorite retreat and famously famous a zoo, a railroad and amusement parks.
It was also where he entertained children, one of whom brought charges against the singer, which resulted in a lawsuit in 2005 and Jackson’s acquittal of all charges.
Jackson never promised to return to Neverland after the trial.
Burkle is the controlling shareholder in Soho House, a private member club that attracts people in the entertainment and media industry and has properties in New York, London, Los Angeles and Hong Kong.