Michael Jackson’s Neverland Ranch finally sells after 5 years on the market
After more than five years on the market, Michael Jackson’s Neverland Ranch has a new owner.
Billionaire Ron Burkle purchased the infamous Los Olivos property for $22 million — down from the $100 million it was listed for in 2015, according to Mansion Global.
The Wall Street Journal reported the sale of the 2,700-acre Santa Barbara County property, which includes about 22 structures, including a 12,000-square-foot Normandy-style mansion. It was most recently listed at $31 million, according to a previous Tribune story.
Burkle is a co-owner of the Pittsburgh Penguins hockey team and a lead investor in Sacramento Republic FC, in addition to being the co-founder of investment firm Yucaipa Companies, according to CNN. He was also once a Jackson associate, the Wall Street Journal story said.
Jackson’s estate co-owned Neverland Ranch with real estate investment trust Colony Capital, the Wall Street Journal said. The pop star, who died in 2009, defaulted on a loan backed by the property, and Colony then put the ranch into a joint venture.
The property contains several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court, and a 50-seat movie theater, the Wall Street Journal reported when the property came on the market.
Mansion Global reported the ranch’s several amusement park rides have been removed, and the property was recast as “Sycamore Valley Ranch” after Jackson’s death.
Noozhawk staff writer Joshua Molina can be reached at jmolina@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.
This story was originally published December 27, 2020 at 1:52 PM.
