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Michael Jackson’s Neverland estate now has a new owner: billionaire businessman Ron Burkle.
The businessman sees the 1,092-hectare property in Los Olivos, near Santa Barbara, as a real estate investment opportunity, his spokesman said in an email 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 farm had a sale price of $ 100 million in 2016 and had dropped to $ 67 million a year later.
AP In addition to the 1,161-square-meter main residence and an almost 344-square-meter pool house, Neverland has a separate building with a 50-person movie theater and dance studio.
Other standouts on the property are a “Disney-style” train station, fire station, and barn.
Burkle’s spokesman said the billionaire had an interest in Lake Zaca, adjacent to the estate, to install a new Soho House, an exclusive club like those in Los Angeles, Miami, New York and Toronto. However, in the long run he decided that the place was too distant and expensive for a club.
Burkle is the majority shareholder of Soho House.
After he saw Neverland from the air, he made an offer to buy.
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