After more than 10 years of the death of Michael Jackson, his famous “Neverland” ranch has finally sold for $ 22 million (440 million pesos), well below its sale price of a few years ago, which was $ 100 million (2 billion pesos).
The property, located in California, was abandoned following a child sexual abuse lawsuit. “Neverland” became Michael Jackson’s favorite place, it had a zoo, a railroad and theme park attractions.
Investor Ron Burkle was the purchaser of the sprawling 2,700-acre (1,100 hectare) property. The property was reportedly sold for $ 22 million (440 million pesos), a very low sale price compared to $ 100 million (2 billion pesos) in 2015 and $ 67 million two years later. .
‘Neverland’ was acquired by Michael Jackson in 1988
In 1988, Michael Jackson acquired the property in Los Olivos, approximately 120 miles north of Los Angeles. At that time, “Neverland” had a cost of 19.5 million dollars (390 billion pesos). After financial problems, in 2008 the “King of Pop” ceded title to Colony Capital LLC, which had a mortgage on the property.
Michael Jackson died of an overdose of the anesthetic Propofol in 2009 at the age of 50.
Source: However
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