Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle
The 2,700-acre property in Los Olivos, near Santa Barbara, is seen by Ron Burkle as a land banking opportunity, his spokesman said in an email.
The 2,700-acre property in Los Olivos, near Santa Barbara, is seen by Mr. Burkle as a land banking opportunity, his spokesman said in an email on Thursday.
The Wall Street Journal notes that Mr. Burkle, an associate of the late pop star and co-founder of the investment company Yucaipa Companies, sold the property for $22 million.
The property’s asking price was $100 million in 2016, then fell to $67 million a year later.
The property boasts a separate building with a 50-seat movie theatre and a dance studio, in addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house.
A ‘Disney-style’ train station, a firehouse, and a barn are other features on the ranch.
The spokesman for Mr. Burkle said that the billionaire was eyeing Zaca Lake, which adjoins the property, for a new Soho Home, a members-only club with locations in Los Angeles, Miami, New York, and Toronto. Ultimately, Mr. Burkle concluded that the venue was too remote and costly for a club.
The controlling shareholder of Soho House is Mr. Burkle. Having seen the property from the air, he made an offer to buy it.