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MICHAEL JACKSON’S NEVERLAND Ranch in California has been sold for $ 22 million (€ 18 million).
Billionaire businessman Ron Burkle bought the 2,700-acre property in Los Olivos, near Santa Barbara, after viewing the site from the air and making an offer.
The Wall Street Journal first reported on the sale of the property to Burkle, an associate of the late pop star and co-founder of investment firm Yucaipa Companies, who sees the investment as a land banking opportunity.
The property’s sale price was $ 100 million (€ 81.95 million) in 2016 and then fell to $ 67 million (€ 54.9 million) a year later.
In addition to a 12,500-square-foot main residence and 3,700-square-foot pool house, the property features a separate building with a 50-seat movie theater and dance studio.
Other features of the ranch are a Disney-style train station, a fire station, and a barn.
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Burkle’s spokesman said the billionaire had been searching Zaca Lake, which adjoins the property, for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto.
He finally decided that the location was too remote and expensive for a club.
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