Billionaire businessman Ron Burkle has bought Michael Jackson‘s Neverland Ranch in California, according to Burkle’s spokesman Frank Quintero.
According to the Wall Street Journal, Burkle bought the 2,700-acre property in Los Olivos, near Santa Barbara, for $22 million.
Jackson purchased the property in 1987 for $19.5 million. He named it Neverland Ranch after the mythical island home of Peter Pan, the boy who never grew up.
The Neverland property consists of a 12,500 square-foot main residence and 3,700 square-foot pool house, in addition to facilities such as a movie theater, a dance studio, a Disney-style train station, a fire house and barn. The estate once contained 22 structures, including an amusement house and a zoo.
The property had an asking price of $100 million in 2016. After the price dropped to $67 million a year later, it was pulled off the market and got listed again in 2019 for $31 million.
Burkle, who was an associate of Jackson and co-founder of the investment firm Yucaipa Companies, reportedly views the property, now known as Sycamore Valley Ranch, as a land banking opportunity. Burkle is also a co-owner of the Pittsburgh Penguins.
In addition to grocery store chains in the U.S., Burkle holds investments in U.K. and U.S.-based talent agencies. He recently bought a stake in the Beverly Hills-based APA agency via his Yucaipa Companies firm.
(Photo: Carol M. Highsmith)
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