According to the Wall Street Journal, billionaire Ron Burkle, co-founder of investment firm Yucaipa Companies bought the property.
Burkle purchased the estate, which sits on 2,700 acres, for roughly 20% less than its value was five years ago. Burkle was one of the late King of Pop’s business advisors who worked closely with him before his shocking 2009 passing. One of his main tasks was to mediate with creditors who wanted MJ to pay his debts.
The famous property is located 40 miles from Santa Barbara and had initially been on and off the market for years, first listing for $100 million in 2015.
Jackson first bought Neverland for $19.5 million in 1987. It features 22 buildings, including the main structure, a 12,000 square-foot mansion. It also touts a swimming pool, basketball court, tennis court, and a movie theater that sits 50 people.
It’s also the place where young boys alleged Michael Jackson molested them. He underwent trial and was acquitted in 2005. He went on to settle a second molestation accusation at the ranch for $20 million. Still, the accusations are still a cloud over Michael Jackson’s career as HBO’s Leaving Neverland featured two men who said he sexually assaulted them when they were boys.
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