LOS ANGELES (AP) – Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, its spokesman said in an email on Thursday.
The Wall Street Journal reports the property was sold for $ 22 million to Burkle, an employee of the late pop star and co-founder of the investment firm Yucaipa Companies.
The asking price of the property was $ 100 million in 2016 and dropped to $ 67 million a year later.
In addition to a main residence of 12,500 square meters and a pool house of 3,700 square meters, the property features a separate building with a 50-seat cinema and dance studio.
Other features of the ranch include a “Disney-style” train station, fire station and barn.
Burkle’s spokesman said the billionaire had looked at Lake Zaca – which is adjacent to the property – for a new Soho House, a club open only to members with locations in Los Angeles, Miami, New York and Toronto. Burkle eventually decided the venue was too remote and expensive for a club.
Burkle is the controlling shareholder of Soho House.
After seeing the property from the air, Burkle made an offer to purchase.