Deutsche Welle (English edition)
Michael Jackson's Neverland Ranch sells at huge discount
A billionaire businessman has bought Michael Jackson's Neverland Ranch in California. The property sold for a fraction of the initial $100 million asking price.
Michael Jackson's notorious Neverland Ranch has finally sold more than 10 years after his death at a fraction of the initial listing price.
Billionaire investor Ron Burkle recently bought the 2,700-acre ( 10.9- square- kilometer) California ranch, his spokesman said Thursday. Burkle was an associate and family friend of the late pop star.
The Wall Street Journal newspaper said the estate, renamed Sycamore Valley Ranch several years ago, sold for $22 million
(€18 million), according to public records. The ranch was initially listed at $100 million in 2016 and was relisted at $67 million a year later.
The estate features a 12,500 square-foot (1161 square-meter) residence, a 3,700 square-foot pool house and a separate building with a 50-seat movie theater and a dance studio. The ranch also has a "Disney-style" train station, a fire house and barn.
Burkle's spokesman said the investor saw the property from the air before putting in an offer to purchase. Burkle views the investment as a land banking opportunity.
Jackson bought the residence in 1988 for $19.5 million but handed over the title to Colony Capital LLC due to financial
troubles. The ranch was the pop singer's favorite retreat, but he abandoned the property following his 2005 trial on charges of molesting a young boy there.
dv/mm (AP, Reuters)