Michael Jackson’s Neverland ranch in the Santa Ynez Valley found a new owner at billionaire businessman Ron Burkle.
Burkle sees the 2,700-acre property in Los Olivos, near Santa Barbara, as a land bank opportunity, his spokesman said on Thursday by email.
The Wall Street Journal reports that the property was sold for $ 22 million to Burkle, an associate of the pop star and co-founder of investment firm Yucaipa Cos.
The asking price of the property was $ 100 million in 2016 and dropped to $ 67 million a year later.
In addition to a 12,500 square foot main residence and a 3,700 square foot pool home, the property has a separate building with a 50-seat cinema and a dance studio.
Other features of the ranch are a “Disney style” train station, a fire department and a barn.
Burkle’s spokesman said the billionaire was eyeing Zaca Lake – which is next to the property – for a new Soho House, an exclusive club for members with offices in Los Angeles, Miami, New York and Toronto. Burkle ended up deciding that the location was too remote and expensive for a club.
Burkle is the controlling shareholder of Soho House.
After Burkle saw the property from the air, he made an offer to buy.