MICHAEL Jackson’s Neverland Ranch has sold for $22million – after it was initially listed for almost four times that amount.
The massive property in California – purchased by the popstar in 1987 for around $19.5million – was bought by billionaire businessman Ron Burkle.
Michael Jackson’s infamous Neverland Ranch has been sold[/caption]
Jackson purchased the California ranch in 1987 for around $19.5million[/caption]
The Wall Street Journal reported on Thursday that in recent years, it had been on and off the market after first being listed for $100million in 2015.
Last year, it was listed for $31million – a much larger sum than what it sold for in 2020.
Jackson sold the infamous ranch to Colony Capital prior to his 2009 death for $22.5million.
Jackson’s estate co-owned the infamous ranch “with a fund managed by Colony Capital, a real-estate investment trust.”
The 2,700-acre property is located near Santa Barbara[/caption]
The property boasts a nearly 12,000-square-foot mansion, in addition to a 50-seat movie theater, a basketball court, and a number of guesthouses[/caption]
Jackson and his-then wife Lisa Marie Presley are seen at Neverland[/caption]
The massive property had been on and off the market in recent years after first being listed for $100million in 2015[/caption]
The Thriller singer defaulted on a loan backed by Neverland and Colony “bought the note in 2008, putting the property’s title into a joint venture it formed with the pop star.”
The 2,700-acre property near Santa Barbara boasts a nearly 12,000-square-foot mansion, in addition to a 50-seat movie theater, a basketball court, and a number of guesthouses.
It once had a railroad and an amusement park that included a Ferris wheel and a merry-go-round, most of which has reportedly been removed.
The property, which housed orangutans and an elephant, was named “Neverland” after the fictional story Peter Pan.
Jackson died at age 50 of an overdose of the anesthetic propofol in 2009[/caption]
A kitchen area of the ranch is pictured here[/caption]
Jackson and Presley are seen here greeting fans at the ranch[/caption]
Jackson – who died at age 50 of an overdose of the anesthetic propofol in 2009 – stopped visiting Neverland in 2005 after he was acquitted of child molestation charges.
It was reported in 2016 that a guesthouse on the ranch property had a triple-locked closet that Jackson filled with pictures of naked boys.
In the 2019 documentary Leaving Neverland, Wade Robson and James Safechuck claimed that Jackson sexually abused them as kids – while at the California ranch.
Jackson is said to have stopped visiting Neverland in 2005[/caption]
Neverland was renamed Sycamore Valley Ranch in an apparent rebranding[/caption]
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During attempts to sell the ranch, Neverland was renamed Sycamore Valley Ranch in an apparent rebranding.
A spokesperson for Burkle said on Thursday that the businessman sees the ranch purchase as a land banking opportunity.
Burkle, who is also a co-owner of the Pittsburgh Penguins hockey team, is said to have put an offer on the property after he saw it from the air.
The king of pop is seen here performing in 1986[/caption]