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Pop star Michael Jackson’s “Neverland” ranch was sold to a billionaire investor for $ 22 million, a quarter of the asking price.
Ron Burkle, a former friend of Michael Jackson, recently purchased the property in Los Olivos, California, his spokesman said. He paid $ 22 million for Neverland, the Wall Street Journal reported, citing public records and three sources familiar with the business, Mediafax reports.
The 1,100 hectare complex was first put up for sale in 2015 for $ 100 million.
Neverland, located north of Santa Barbara, was most recently listed last year for $ 31 million.
Jackson initially paid about $ 19.5 million for Neverland, which he named after a fictional island where children never grow up in JM Barrie’s Peter Pan novel.
The singer bought Neverland in 1987 and turned it into an entertainment complex.
In the 1990s and 2000s, Neverland became the focus of various investigations into Jackson’s allegations of sexual assault on children.
In June 2009, the pop artist died in another Los Angeles home after suffering cardiac arrest induced by a drug overdose.
Neverland was transformed into Sycamore Valley Ranch and underwent extensive remodeling since Jackson’s death.
Ron Burkle, 68, is a co-founder and managing partner of Yucaipa Companies, LLC, a private investment firm. His net worth was estimated at $ 1.4 billion, according to a profile in the American business magazine Forbes.
