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1:51 PM / Friday January 22, 2021

31 Dec 2020

Michael Jackson’s Neverland Ranch sold to billionaire

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December 31, 2020 Category: Entertainment Posted by:

ABOVE PHOTO: Michael Jackson’s Neverland Ranch home is seen in this Dec. 2004 file photo, in Santa Ynez, Calif. A court filing says Jackson’s Neverland Ranch will be put up for sale at a public auction on March 19, 2008 unless the pop star pays the more than $24 million he still owes on the property. Financial Title Co. filed the notice of trustee’s sale with Santa Barbara County Superior Court on Tuesday Feb. 26, 2008 (AP Photo/Mark J. Terrill, File)

associated press

LOS ANGELES — Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.

Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email.

The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.

The asking price of the property was $100 million in 2016 then dropped to $67 million a year later.

In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio.

Other features on the ranch are a “Disney-style” train station, a fire house and barn.

Burkle’s spokesman said the billionaire had been eyeing 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. Burkle ultimately decided the location was too remote and expensive for a club.

Burkle is the controlling shareholder of Soho House.

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After Burkle saw the property from the air, he put in an offer to purchase.

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