According to a report in The Independent, singer Michael Jackson’s Neverland Ranch has been sold to a billionaire for $22m (INR 162 crore approx.). This is $78m (INR 575 crore approx.) less than the price it was slated for in 2016. The same report states that Ronald Burkle, a billionaire businessman acquired the 2,700-acre property in Los Olivos, near Santa Barbara.
The report further mentions that Jackson’s Neverland Ranch was up for sale four years ago for $100m (INR 736 crore approx.). However, the price sharply dropped subsequently by 2019. The property was bought by Jackson in 1988. The name given by him shared its origin with Peter Pan stories. The report mentions that the ranch was converted into the pop star’s personal amusement park. There were three railroads built, and even a ferris wheel and an electric train. Post his death, the rides and the many animals were relocated.
According to a report in Billboard, Burkle’s spokesman confirmed looking out for Zaca Lake. It adjoins the property. He wanted it for a new Soho House, an exclusive members-only club which already has branches in New York, Miami, Los Angeles. However, he deemed the location to be too remote. He apparently viewed the property from air and subsequently set an offer to buy it.
He is the controlling shareholder of Soho House. He was an associate of the pop star and also a co-founder of the Yucaipa Companies, an investment firm. A report in The Hollywood Reporter states that he holds investments in several UK and US based talent agencies.