The Neverland Ranch of the popstar Michael Jackson has reportedly been sold for $22 million (£16.2 million). After spotting the land whilst in the air looking at another location, Ron Burkle – a former friend of Michael Jackson – bought the 2,700-acre estate in Los Olivos, California, for a quarter of its initial asking price.
Back in 2015, the price tag was $100 million (£65 million), after it had undergone extensive redevelopment since Jackson’s passing in 2009, and rebranded as ‘Sycamore Valley Ranch’. The estate was originally bought for $19.5 million in 1987, but after being on and off the market since, the most recent price tag was $31 million.
The Neverland ranch was named after the fictional island where children never grow up in JM Barrie’s story of Peter Pan and has been previously used as an entertainment complex, a zoo and a fairground site. In its use, Michael Jackson wrestled to keep the site alive amidst criminal allegations and insurance disputes.
The new owner, Mr. Burkle, 68, is a co-founder and managing partner of Yacaipa Companies LLC (a private investment firm) and has a net worth estimated to be around $1.4 billion.