PHOTO: Ron Burkle bought the property following a flyover of the ranch.(AP: Keith Srakocic, File)
Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
Key points:
- The property sold for $28.96 million but had an asking price of $131.5 million four years ago
- Mr Burkle, the co-founder of an investment firm, was an associate of Jackson
- He views the property as a land banking (future investment) opportunity, according to a spokesman
The Wall Street Journal reported the property was sold for $US22 million ($28.96 million) to Mr Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.
The asking price of the property was $US100 million ($131 million) in 2016 then dropped to $US67 million ($88 million) a year later.
When the property was put on sale in 2015 real estate experts said the asking price was “optimistic” given the unproven charges of child molestation which tainted Jackson’s final years before his death in 2009.
In addition to a 1,161-square-metres main residence and a 344-square-metre pool house, the property boasts a separate building with a 50-seat movie theatre and a dance studio.
Other features on the ranch are a Disney-style train station, a fire house and barn.
Mr Burkle views the 1,093-hectare property in Los Olivos, near Santa Barbara, as a land banking (future investment) opportunity, his spokesman said.
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