Michael Jackson: Neverland Ranch ‘sold to billionaire for $22m’ – BBC News

Billionaire Ron Burkle reportedly buys the estate for a quarter of its initial asking price.

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.

• Michael Jackson’s Neverland ranch up for sale

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.

The Thriller singer bought Neverland in 1987, making it his home during the height of his fame.

Source: Michael Jackson: Neverland Ranch ‘sold to billionaire for $22m’ – BBC News