Sale of former Michael Jackson ranch, Neverland

Sale of former Michael Jackson ranch, Neverland

Violet Field inEntertainmentDec 25, 2020 2 min read0 views

The property Ron Burkle acquired was valued at $ 100 million in 2015

The back entrance to Neverland Ranch in California on December 17, 2004. - Mark J. Terrill / AP / SIPA

sprawling ranch Michael Jackson's, Neverland, Calif., Has a new owner. It was acquired by American billionaire Ron Burkle, at a price of around $ 22 million, well below the initial sale price, his spokesperson announced Thursday.

A former advisor to Michael Jackson

Montana-based businessman Ron Burkle has investments ranging from supermarkets to the music industry. He acquired the property for his “land banking opportunity,” according to his spokesperson. Burkle had also served as Michael Jackson's business advisor, including helping him settle large debts accumulated as a result of his lifestyle in the years before his death.

As reported by the Wall Street Journal, the price of $ 22 million was confirmed as "about right" by a source familiar with the matter. This is a dramatic drop from the valuation of $ 100 million dating back to 2015. Last year the price had already fallen to $ 31 million, but the property had not found a buyer. According to the press, Michael Jackson would have acquired this property for 19.5 million dollars in the 1980s. Very indebted, just before his death in 2009, the star had sold this property to Thomas Barrack Jr.'s Colony Capital investment for 22, $ 5 million.

Three guest houses

Located on 1,100 hectares of land, 65 km from Santa Barbara, the ranch features a main house with six bedrooms, three guest houses, a lake with a waterfall, tennis courts, several barns, and shelters for animals. He was raided by investigators in 2003 when the star was accused of having abused children he had welcomed into his home. The police then found a large collection of pornographic images and photos of naked children. Jackson was acquitted in 2005.