The property formerly known as Neverland Ranch, home to the late Michael Jackson, has been purchased by Pittsburgh Penguins co-owner Ron Burkle, Burkleâs spokesman confirmed to CNN Saturday.
Spokesman Frank Quintero did not confirm the purchase price, but The Wall Street Journal reported it was $22 million.
Burkle is also the co-founder of Yucaipa Companies, an investment firm.
Neverland Ranch â named after the fictional âNeverlandâ in the tale of Peter Pan, the boy who could never grow up â was purchased by Jackson in 1987 for $19.5 million.
The 2,700-acre estate once contained 22 structures, including an amusement house and a zoo which housed elephants, a giraffe, orangutans, and Jacksonâs chimp Bubbles.
Pittsburgh Penguins co-owner and billionaire investor Ron Burkle has paid $22 million for the estate once known as Michael Jackson’s Neverland Ranch.
The 2,700-acre estate named after the magical Peter Pan universe where children do not grow up was first listed for $100 million in 2014 and has been on and off the market since since then. Jackson first bought it in 1987 for $19.5 million and built it to look like an amusement park it once had a Ferris Wheel, a mini-railroad, waterfalls, a movie theater and a zoo full of elephants, giraffes and chimpanzees.
The ranch, which is located 40 miles from California’s Santa Barbara in Los Olivos and has been rebranded as Sycamore Valley Ranch, was cut in price to $67 million in 2017, and then slashed again in 2019 to $31 million.
Michael Jackson’s Neverland Ranch sold to Pittsburgh Penguins co-owner Ron Burkle
The property formerly known as Neverland Ranch, home to the late Michael Jackson, has been purchased by Pittsburgh Penguins co-owner Ron Burkle, Burkle’s spokesman confirmed to CNN Saturday.
Burkle is also the co-founder of Yucaipa Companies, an investment firm.
Neverland Ranch named after the fictional “Neverland” in the tale of Peter Pan, the boy who could never grow up was purchased by Jackson in 1987 for $19.5 million.
The 2,700-acre estate once contained 22 structures, including an amusement house and a zoo which housed elephants, a giraffe, orangutans, and Jackson’s chimp Bubbles.
Michael Jackson’s Neverland Ranch sold
Michael Jackson outside the court in Santa Maria, California, (Photo credit: Bang Media)
Michael Jackson’s famed estate Neverland Ranch in California has been sold to billionaire investor Ron Burkle for $22 million. According to
The Wall Street Journal, the property was renamed Sycamore Valley Ranch several years ago.
Because of its ties to child molestation allegations against the music legend, the estate’s asking price had been reduced considerably since its 2015 initial listing of $100 million. It was re-listed in 2017 for $67 million.
Burkle, a part-owner of the Pittsburgh Penguins was a friend of Jackson’s. According to a spokesperson for Burkle, he sees the 2,700-acre property as a land banking opportunity. The property formerly known as Neverland includes a 12,500 square-foot main residence and a 3,700 square-foot pool house.