LOS ANGELES (AP) – Michael Jackson’s Neverland Ranch in California has found a new owner for billionaire businessman Ron Burkle.
Burkle sees 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, a partner in the late pop star and co-founder of investment firm Yucaipa Companies.
The asking price of the property was $ 100 million in 2016 and then dropped to $ 67 million the following year.
In addition to a 12,500-square-foot main residence and a 3,700-square-foot pool house, the property features a separate building with a 50-seat movie theater and a dance studio.
Other features of the ranch are a “Disney-style” train station, a fire station, and a barn.
Burkle’s spokesman said the billionaire had been looking at Lake Zaca (adjacent to the property) for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle finally 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 submitted a purchase offer.