Billionaire buys Michael Jackson’s Neverland estate for $ 22 million

The Angels – Michael Jackson’s Neverland estate is now under new ownership: billionaire businessman Ron Burkle.

The businessman sees the 2,700-acre property in Los Olivos, near Santa Barbara, as an investment opportunity in real estate, his spokesman said in an email on Thursday.

The Wall Street Journal reported that Neverland was sold for $ 22 million to Burkle, a partner of the late pop star and co-founder of the investment firm Yucaipa Companies.

The ranch had a sales price of $ 100 million in 2016 and was down to $ 67 million a year later.

In addition to the main residence of 12,500 square meters and a pool house of nearly 3,700 square meters, Neverland has a separate building with a cinema for 50 people and a dance studio.

Other notable features on the property include a “Disney style” train station, fire station and barn.

Burkle’s spokesman said the billionaire had a stake in Lake Zaca, adjacent to the estate, to install a new Soho House, an exclusive club like the ones in Los Angeles, Miami, New York and Toronto. In the long run, however, he decided the place was too far away and too expensive for a club.

Burkle is the majority shareholder of Soho House.

After seeing Neverland from the air, he made an offer to buy.