Ron Burkle, a former friend of Jackson, recently bought the estate in Los Olivos, California, his spokesman said.
He paid $22m (£16.2m) for Neverland, the Wall Street Journal reported, citing public records and three people familiar with the deal.
The 2,700-acre (1,100 hectare) compound was first listed for $100m in 2015.
Since then Neverland, north of Santa Barbara city, has been on and off the market, listed most recently last year for the lower price of $31m.
Jackson originally paid about $19.5m for Neverland, which he named after a fictional island where children never grow up in JM Barrie’s Peter Pan story.