Michael Jackson's Neverland Ranch sold to billionaire
Burkle is the controlling shareholder of Soho House
image for illustrative purpose
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 on 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 fire house and barn. Burkle's spokesman said the billionaire had been eyeing Zaca Lakewhich adjoins the propertyfor 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.
