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Michael Jackson’s Neverland sold for just $ 22 million, down from $ 100 million to billionaire investor Ron Barkle.
The “king” of pop has been living on the Los Olivos, California ranch since 1987. In June 2009, Michael Jackson died at his home in Holby Hills, Los Angeles, from a drug overdose.
Neverland’s roughly 11,000 acres included an amusement park, train, and zoo, inhabited by orangutans and an elephant gifted to the star by Elizabeth Taylor in 1991. The 11,000-square-foot mansion features several guesthouses, a swimming pool bell and a pool. basketball and tennis courts, as well as a 50-seat movie theater.
The ranch went up for sale in 2015 for $ 100 million. According to the Wall Street Journal, it was eventually bought by Barkle, who was once a partner of Jackson. The star had paid $ 19.5 million for Neverland, but was unable to mortgage the property and therefore entered into co-ownership with a fund managed by Colony Capital.
Los Angeles real estate agent Ian Reed told The Guardian that the purchase was a “robbery” even in the face of the property’s grisly past: Prosecutors had investigated the ranch’s description as a world that Jackson built to appeal to children. but also the fact that it was built in 1982.
The new owner, Ron Barkle, advised Michael Jackson on business matters for several years before the star’s death, when he was trying to get rid of the financial problems he was facing.
Neverland, renamed Sycamore Valley Ranch a few years ago, initially went on sale for $ 100 million in 2015, but two years later the price dropped to $ 67 million.
A Barclays spokesman said the businessman located the property over the air while considering another area and contacted Tom Barak, founder of Colony Capital, to close the deal.
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