According to wall street journals Michael Jackson’s Neverland Ranch has been sold for $22m.
The Ranch in question owned by Michael Jackson is situated at Los Olivos in the South of California. The property is about 2700 acres and has about 22 buildings in it, including a 12,000 square foot mansion which has the Neverland design in front of the building.
The Los Olivos property is situated about 40 miles from Santa Barbara, it has been on and off the market since 2015 when it was first put up in the market, it was first put up for $100 million in 2015, six(6) years after the death of Michael Jackson and has undergone several price cuts since then. It was listed for $31 million last year 2019.
Michael Jackson Bought the Neverland Ranch in 1987 and news has it that he never returned to the ranch since after his trial for child molestation charges. Although he was free of the charges, he said he never returned there because the place carries bad memories.
Michael Jacksons estate was co-owned and managed by the Colony Capital , a real-estate investment Company. Amid financial struggles, Mr. Jackson had defaulted on a loan backed by the ranch and Colony bought the note in 2008, putting the property’s title into a joint venture it formed with the pop star. Mr. Jackson originally paid about $19.5 million for the ranch in 1987.
Mr. Jackson made Neverland famous by installing quirky features like a railroad and an amusement park, which included a Ferris wheel and a merry-go-round. He also kept orangutans and an elephant there. A whimsical floral clock in the front of the property spelled out “Neverland.” The ranch was named for the fantasy world in J.M. Barrie’s “Peter Pan.”
Michael Jackson’s Neverland ranch was sold for $22 million to billionaire Ron Burkle, a onetime associate of the late pop star and co-founder of the investment firm Yucaipa Companies, according to public records and three people familiar with the deal.
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