A billionaire buys Michael Jackson’s Neverland estate for $ 22 million

Los Angeles – Michael Jackson’s Neverland estate already has a new owner: billionaire businessman Ron Burkle.

The businessman considers the 2,700-acre property in Les Oliveres, near Santa Barbara, to be a real estate investment opportunity, his spokesman said in an email Thursday.

The Wall Street Journal reported that Neverland was sold for $ 22 million to Burkle, a partner in the late pop star and co-founder of investment firm Yucaipa Companies.

The property had a sale price of $ 100 million in 2016 and had dropped to $ 67 million a year later.

In addition to the 12,500-square-foot main residence and a nearly 3,700-square-foot pool house, Neverland has a separate building with a 50-person movie theater and a dance studio.

Other highlights on the property are a “Disney-style” train station, a fire station and a barn.

Burkle’s spokesman said the billionaire had an interest in Lake Zaca, adjacent to the estate, to install a new Soho House, an exclusive club like the ones in Los Angeles, Miami, New York and Toronto. However, in the long run he decided that the place was too distant and expensive for a club.

Burkle is the majority shareholder in Soho House.

After seeing Neverland from the air, he made a purchase offer.