Burkle is also a co-founder of Yucaipa Companies, an investment company.
The Neverland ranch – named after the fictional “Neverland” in the story of Peter Pan, the boy who could never grow up – was bought by Jackson in 1987 for $ 19.5 million.
The 2,700-acre property already contained 22 structures, including a funhouse and a zoo that housed elephants, a giraffe, orangutans and Jackson’s Chimpanzee Bubbles.
Jackson died in 2009 of what the Los Angeles County Coroner said was “acute propofol poisoning”. His doctor, Dr. Conrad Murray, was convicted in 2011 of manslaughter in connection with Jackson’s death and served less than two years in prison.
The price keeps falling
At that time, agent Kyle Forsyth shared the list with Suzanne Perkins.
He said the property, which contains the nearly 12,000-square-foot main house where Jackson lived for 15 years, was kept out of the market because of forest fires and landslides in nearby Santa Barbara, California.
“Everyone retreated for about a year overall,” Forsyth said in 2019.
CNN has contacted Perkins and Forsyth, but has not yet received a response.
The property, now known as Sycamore Valley Ranch, was jointly owned by Jackson’s estate and a fund managed by the real estate investment fund Colony Capital.