Michael Jackson’s Neverland Ranch sold for $22 million after hitting the market for $100 million in 2015. The home was purchased by billionaire Ron Burkle, co-founder of investment firm Yucaipa Companies and a former associate of Jackson.
MJ originally bought Neverland for $19.5 million in 1987, but the 2,700-acre property went through a series of price cuts before finally finding a purchaser. After having its original asking price lowered to $67 million in 2017, it was listed for $31 million in 2019.
Although the property is equipped with a nearly 12,000-square-foot mansion, a swimming pool, basketball and tennis courts, a 50-seat movie theatre, and several guest houses, the home is also linked to the King of Pop’s molestation allegations. Jackson stopped visiting Neverland Ranch by 2005, after his acquittal, and the property was renamed Sycamore Valley Ranch in an apparent effort to distance the land from the troubling accusations.
Burkle was Michael Jackson’s business advisor during the mid-2000s, when Jackson was attempting to avoid financial ruin due in part to his lavish lifestyle. The billionaire previously owned Bob Hope’s Palm Springs home.
View additional images of the property above.
Source: The Wall Street Journal