National Post (National Edition)
NEVERLAND SELLS FOR $22M
LOS ANGELES Michael Jackson's famed Neverland Ranch in California has finally sold, more than 10 years after the death of the pop star who abandoned the property following his trial on charges of molesting a young boy there.
Billionaire investor Ron Burkle, a former family friend of Jackson, recently bought the sprawling 1,100 hectare estate, his spokesman said.
The Wall Street Journal said the estate, which was renamed Sycamore Valley Ranch several years ago, sold for $22 million according to public records. In 2015, the asking price was $100 million and in 2017 it was re-listed for $67 million.
Burkle's spokesman said the businessman saw the investment as a land banking opportunity. He spotted the estate from the air while looking at another location.
Jackson, who died from an overdose of the anesthetic Propofol in 2009 at age 50, bought the property in Los Olivos, about 193 km north of Los Angeles, in 1988 for $19.5 million. After financial troubles, in 2008 he handed over the title to Colony Capital LLC, which held a loan on the property.