Micheal Jackson’s Neverland Ranch Once Worth $100 Million Sold At A Much Lower Sum (Photo Credit – Micheal Jackson/Getty)
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Late pop-star Micheal Jackson’s Neverland ranch has reportedly been sold off to a billionaire investor for a quarter of its initial asking price. The property is spread over 2,700-acre in Los Olivos, near Santa Barbara. Scroll down to know more details.
As per reports, the Thriller singer had bought the property in Neverland in 1987 during the height of his fame. The ranch was converted into an entertainment complex with a zoo and fairground on site. He also used regularly entertain his children and their families in the expensive property.
According to The Wall Street Journal report, billionaire businessman Ron Burkle has bought the property for $22 million. He was an associate of the Micheal Jackson and co-founder of the investment firm Yucaipa Companies. Interestingly. the asking price of the property was $100 million in 2016, however, it dropped to $67 million a year later.
Now Ron Burkle’s new 12,500 square-foot main residence boasts a 3,700 square-foot pool house, and a dance studio. The property also comes with a separate building with a 50-seat movie theatre.
The report further claims that the Micheal Jackson‘s former property has a “Disney-style” train station, a firehouse and barn. As per Burkle’s spokesman, the Businessman has been interested in Zaca Lake, which adjoins the property, to build a new Soho House. However, later he decided against buying it since the location was too remote and expensive for a club.
Ron Burkle is the controlling shareholder of Soho House. He reportedly saw Micheal Jackson’s property from the air and he immediately put in an offer to purchase it.
Meanwhile, BBC reports that the popstar’s Neverland property became centre of attention in the 1990s and 2000s. It was widely reported that investigations were carried out the property following child sexual assault against Jackson. Although he denied the allegations, Santa Barbara prosecutors alleged that he had used Neverland as a fantasy world to groom young boys.
What do you think about billionaire businessman Ron Burkle buying the property for a quarter of its initial asking price? Let us know in the comments.
