Michael Jackson’s Neverland Ranch in California has discovered a brand new proprietor in billionaire businessman Ron Burkle.
Burkle views the two,700-acre property in Los Olivos, close to Santa Barbara, as a land banking alternative, his spokesman stated on Thursday in an electronic mail.
The Wall Street Journal reviews the property was sold for $22 million to Burkle, an affiliate of the late pop star and co-founder of the funding agency Yucaipa Companies.
The asking value of the property was $100 million in 2016 then dropped to $67 million a yr later.
In addition to a 12,500 square-foot predominant residence and a 3,700 square-foot pool home, the property boasts a separate constructing with a 50-seat movie show and a dance studio.
Other options on the ranch are a “Disney-style” prepare station, a firehouse and barn.
Burkle’s spokesman stated the billionaire had been eyeing Zaca Lake — which adjoins the property — for a brand new Soho House, a members-only membership with areas in Los Angeles, Miami, New York and Toronto. Burkle in the end determined the placement was too distant and costly for a membership.
Burkle is the controlling shareholder of Soho House.
After Burkle noticed the property from the air, he put in a suggestion to buy.