Neverland Ranch Sells for $22 Million
By edhat staff
Michael Jackson's Neverland Ranch in Los Olivos has sold for $22 million to billionaire businessman Ron Burkle.
The 2,700-acre property that includes a 12,500 square-foot residence and a 3,700 square-foot pool house was listed for $100 million in 2016 and then fell to $67 million in 2017.
Burkle was an associate of the late musician and is a co-founder of the investment firm Yucaipa Companies, reports the Wall Street Journal.
"Burkle’s spokesman said the billionaire 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," reports the Associated Press.
Jackson passed away in 2009.