Jim Bartsch
Michael Jackson’s Neverland Ranch in California found a new owner in billionaire businessman Ron Burkle. Burkle sees the 2,700-acre property in Los Olivos, near Santa Barbara, as a land bank opportunity, a spokesman said in an email Thursday.
The Wall Street Journal reports that the property was sold for $ 22 million to Burkle, an associate of the late pop star and co-founder of investment firm Yucaipa Companies.
The asking price of the property was $ 100 million in 2016, then 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 has a separate building with a 50-seat cinema and a dance studio.
Other features of the farm are a Disney-style train station, a fire station and a barn.
Burkle’s spokesman said the billionaire looked at Lake Zaca – adjacent to the property – for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle eventually decided that the location was too far away and expensive for a club.
Burkle is the majority shareholder of Soho House.
After Burkle saw the property in the air, he made an offer to buy it.