Jackson bought Neverland in 1987 but said he never returned following his 2005 trial on child molestation charges.
Michael Jackson’s
famous 2,700-acre Southern California ranch has been sold for 22 million
dollars to billionaire Ron Burkle, The Wall Street Journal reported.
Burkle, who Forbes
estimates is worth 1.5 billion dollars, was a friend of Jackson, who helped
manage his money in the mid-2000s, according to the Journal.
He is also co-owner of
the Pittsburgh Penguins.
Colony Capital, a real
estate investment firm, owned the Los Olivos, California, property under a 2008
agreement with Jackson.
Subsequent attempts to
sell the ranch also flopped, until Burkle was flying over the area and saw it,
the Journal reported.
He called Colony’s
founder Tom Barrack and offered to buy Neverland, even though it wasn’t on the
market.
Neverland has
undergone various renovations since Jackson’s death, including the removal of
its famous amusement park rides.
The property still has
22 buildings, including a 12,000-square foot mansion.
Jackson bought
Neverland in 1987 but said he never returned following his 2005 trial on child
molestation charges.
Although he was
acquitted, Jackson said the ranch carried bad memories.
A 2019 documentary,
“Leaving Neverland,” followed two men who said Jackson sexually abused them on
the ranch when they were children.
Burkle bought the
property as an investment and has no plans to live there, the Journal reported.
(tca/dpa/NAN)
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