Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire Ron Burkle.
Burkle sees the 2,700-acre property in Los Olivos, near Santa Barbara, as an opportunity for land banking, its spokesman said in an email on Thursday.
The Wall Street Journal reports that the property was sold for $ 22 million to Burkle, an employee of the late pop star and co-founder of the Yucaipa Companies investment firm.
The price of the property was $ 100 million in 2016 and dropped to $ 67 million a year later.
In addition to a 12,500 square meter main residence and a 3,700 square meter pool house, the property has a separate building with a cinema with 50 seats and a dance studio.
Other features of the ranch include a Disney-style train station, fire station, and barn.
Burkle’s spokesman said the billionaire was looking for Zaca Lake – which is adjacent to the property – for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle finally decided that the place was too remote and too expensive for a club.
Burkle is the majority shareholder in Soho House.
After Burkle saw the property from the air, he made him an offer to buy.