According to public records and three people familiar with the deal, Michael Jackson’s Neverland ranch has sold for $ 22 million to billionaire Ron Burkle, a partner in the late pop star and co-founder of investment firm Yucaipa Companies.
The property, located about 40 miles from Santa Barbara, has been on and off the market for years, for the first time on the list for $ 100 million in 2015 and with several price cuts. It was listed for $ 31 million last year, The Wall Street Journal reported.
Mr. Jackson’s property was co-owned by the ranch with a fund managed by Colony Capital,
a real estate investment fund. In the midst of financial struggles, Mr. Jackson had defaulted on a loan backed by the ranch and Colony bought the ticket in 2008, putting the title to the property in a joint venture he formed with the pop star. Jackson originally paid about $ 19.5 million for the ranch in 1987.
Michael Jackson’s Neverland Ranch has finally sold out.
Photo:
Jim Bartsch
Jackson made Neverland famous by installing quirky features, such as a railroad and an amusement park, which included a ferris wheel and a carousel. He also kept orangutans and an elephant there. A whimsical floral clock on the front of the property wrote “Neverland.” The ranch was named after the fantasy world in “Peter Pan” by JM Barrie.
The Los Olivos property covers approximately 2,700 acres and includes approximately 22 structures, including a 12,000-square-foot Normandy-style mansion. There are also several guest houses, a pool with a cabin, a basketball court, a tennis court and a 50-seat movie theater, The Wall Street Journal reported when the property went on the market.
The ranch covers approximately 2,700 acres with about 22 structures.
Photo:
Jim Bartsch
After Jackson’s death, the property was renamed Sycamore Valley Ranch. Since then, rides have been removed.
Michael Jackson died in 2009.
Photo:
The LIFE / Getty Images collection
Burkle was the singer’s advisor on business issues in the mid-2000s, when the pop star was working to avert the financial disaster caused in part by his lavish lifestyle, The Wall Street Journal reported at the time. Jackson died in 2009.
A spokesman for Mr. Burkle described the transaction as “a land banking opportunity,” noting that Burkle, while resident in Montana, already owns approximately 1,000 acres in Oak Glen, California. Mr. Burkle had been looking at Lake Zaca, which adjoins the property, for a new retreat location for Soho House, the club’s private company that is co-owner, its spokesman said. Although he finally decided the location was too remote for the retreat, he saw Mr. Jackson’s old ranch from the air and called Tom Barrack, founder of Colony Capital, directly to ask if the would come. The property had been withdrawn from the market and was not publicly listed at the time.
Burkle is a well-known lover of architecture and has owned several major homes, including the Los Angeles Ennis House, designed by Frank Lloyd Wright, which sold for $ 18 million last year after completing a restoration project. of $ 10 million. He also owns a John Lautner home in the Palm Springs area, which was designed and built in the 1970s for Bob and Dolores Hope, according to records.
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