The famous ranch of late pop singer Michael Jackson, christened Neverland, finally has a new owner.
The massive 2,700-acre property, on the market since 2015, has been sold to billionaire Ron Burkle for US $ 22 million, according to the Wall Street Journal.
When the ranch was marketed, Michael Jackson’s estate was asking for $ 100 million.
The property in Los Olivos, California, comprises 22 structures, thus a 12,000 square foot mansion.
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The venue’s new owner, Ron Burkle, was previously an associate of Michael Jackson and is the co-founder of investment firm Yucaipa Companies, according to public records consulted by the Wall Street Journal.
Michael Jackson bought the ranch in 1987 for $ 19.5 million, according to the magazine People.
The pop singer lived there for 15 years and is said to have started to distance himself from the place after his trial for child sexual abuse in 2005, reports People.
Inspired by the world of Peter Pan, Neverland included a railroad and amusement park with a Ferris wheel and carousel. The singer is also said to have kept animals there, including elephants and orangutans.
Michael Jackson’s estate co-owned the ranch with a fund managed by Colony Capital, a real estate investment trust.
Experiencing financial problems in 2008, the singer defaulted on a loan on the ranch. Colony had then settled the note and put the title deed to the two names, recalls the Wall Street Journal.
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