Michael Jackson’s Neverland Ranch in California has found a new operator in billionaire businessman Ron Burkle.
Burkle views the 2,700-acre assets in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman claimed Thursday in an e-mail.
The Wall Avenue Journal studies the house was sold for $22 million to Burkle, an affiliate of the late pop star and co-founder of the financial commitment agency Yucaipa Corporations.
The inquiring price tag of the home was $100 million in 2016 then dropped to $67 million a calendar year later.
In addition to a 12,500 square-foot principal residence and a 3,700 sq.-foot pool household, the home features a individual developing with a 50-seat motion picture theater and a dance studio.
Other functions on the ranch are a ‘Disney-style’ prepare station, a fireplace household and barn.
Burkle’s spokesman explained the billionaire experienced been eyeing Zaca Lake — which adjoins the property — for a new Soho Residence, a users-only club with places in Los Angeles, Miami, New York and Toronto. Burkle in the long run decided the spot was much too distant and high-priced for a club.
Burkle is the controlling shareholder of Soho Residence.
Immediately after Burkle saw the assets from the air, he place in an offer to order.