Michael Jackson’s Neverland Ranch sold to billionaire
Team Udayavani, Dec 25, 2020, 12:31 PM IST
Credit: AP photo
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 firehouse, and a 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. After Burkle saw the property from the air, he put in an offer to purchase.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Mortal remains of Kannada actor Dwarakish consigned to flames
Social media speculates on alleged death of YouTuber ‘Angry Rantman’
Salman firing case: Original Aadhaar cards, bike documents helped cops to identify suspects
Amitabh Bachchan to receive Lata Deenanath Mangeshkar Puraskar
‘Kaun Banega Crorepati 16’ registration to open on April 26
MUST WATCH
Latest Additions
India’s boundaries are completely secure: Rajnath Singh
Complaint filed against Flipkart, BigBasket for allegedly making employee work on election day
DKShi ‘kidnapped’ 9-year-old girl for property: HDD
Woman can’t be held accountable for abetting suicide of lover due to ‘love failure’: Delhi HC
I don’t believe in star power: Vidhu Vinod Chopra on why content matters more to him