Michael Jackson’s massive Neverland Ranch sells for just $22million after being listed for almost FOUR times that

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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.

John Gunion – The Sun Glasgow

Michael Jackson’s infamous Neverland Ranch has been sold[/caption]

Getty – Contributor

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.”

2012 NBCUniversal, Inc.

The 2,700-acre property is located near Santa Barbara[/caption]

2012 NBCUniversal, Inc.

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]

Corbis – Getty

Jackson and his-then wife Lisa Marie Presley are seen at Neverland[/caption]

Alamy

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. 

AP:Associated Press

Jackson died at age 50 of an overdose of the anesthetic propofol in 2009[/caption]

2012 NBCUniversal, Inc.

A kitchen area of the ranch is pictured here[/caption]

Getty – Contributor

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. 

1996 Phil Dent

Jackson is said to have stopped visiting Neverland in 2005[/caption]

Getty – Contributor

Neverland was renamed Sycamore Valley Ranch in an apparent rebranding[/caption]


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.

Getty – Contributor

The king of pop is seen here performing in 1986[/caption]

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