LOS ANGELES—Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
![This Dec. 17, 2004, file photo shows the rear entrance to pop star Michael Jackson's Neverland Ranch home in Santa Ynez, Calif. (Mark J. Terrill/ AP Photo, file)](/_next/image?url=https%3A%2F%2Fimg.theepochtimes.com%2Fassets%2Fuploads%2F2020%2F12%2F25%2FMichael-Jacksons-Neverland-Ranch-1200x725.jpg&w=1200&q=75)
Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email.
The Wall Street Journal reports the property was sold for $22 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 $100 million in 2016 then dropped to $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.