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Michael Jackson's Neverland Ranch sold for knockdown price

Michael Jackson's Neverland Ranch sold for knockdown price

(Photo: AP/Mark J Terrill)

Michael Jackson's Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle. 


Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday (Dec 24) in an email.


The Wall Street Journal reports the property was sold for US$22 million (S$29.23 million) to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.


The asking price of the property was US$100 million in 2016 then dropped to US$67 million a year later.


In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio. 


Other features on the ranch are a "Disney-style" train station, a fire house and barn.


Burkle's spokesman said the billionaire had been eyeing Zaca Lake – which adjoins the property – for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle ultimately decided the location was too remote and expensive for a club. 


Burkle is the controlling shareholder of Soho House. 


After Burkle saw the property from the air, he put in an offer to purchase.

Source: AP

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