Michael Jackson’s Neverland Ranch is sold at a reduced price

This article originally appeared on RNZ and is being republished with permission.

Michael Jackson’s famous Neverland Ranch in California was finally sold, more than 10 years after the death of the pop star who left the property following his trial on charges of sexually abusing a child there.

Billionaire investor Ron Burkle, a former friend of Jackson’s family, recently bought the sprawling 2,700-acre (1,100-hectare) property, his spokesman said Thursday.

The Wall Street Journal said the property, which was renamed Sycamore Valley Ranch several years ago, sold for $ 22 million (approximately NZ $ 31 million) according to public records. In 2015, the initial price was $ 100 million and in 2017 it was re-quoted for $ 67 million.

Burkle’s spokesman said the businessman saw the investment as an opportunity to do banking.

He saw the property from the air while looking at another location and contacted Tom Barrack, the founder of real estate investment firm Colony Capital LLC, to seal the sale.

The ranch was off the market at the time.

Jackson, who died of an overdose of the anesthetic Propofol in 2009 at age 50, purchased the property in Los Olivos, about 120 miles (193 km) north of Los Angeles, in 1988 for $ 19.5 million.

After financial troubles, in 2008 he turned over the title to Colony Capital LLC, which had a loan on the property.

Neverland, a name taken from the “Peter Pan” story of a boy who refused to grow up, became Jackson’s favorite haven and featured a zoo, railroad, and theme park attractions.

It was also where he entertained the children, one of whom brought charges of sexual abuse against the singer that resulted in a 2005 trial and Jackson’s acquittal of all charges.

Jackson vowed never to return to Neverland after the trial.

Burkle is the majority shareholder of Soho House, a private membership club that attracts people from the entertainment and media industries and has properties in New York, London, Los Angeles and Hong Kong.