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.

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

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