A former billionaire Michael Jackson associate bought the former home of the pop star, Neverland Ranch.
Ronald W. Burkle, the co-founder of the investment firm Yucaipa Companies, bought the farm for $ 22 million, The Wall Street Journal reported.
A spokesman for Burkle, who previously served as Jackson’s financial advisor, said he saw the investment as a land bank opportunity. Mr. Burkle made his initial fortune by buying and selling supermarkets in California. He is also a co-owner of the Pittsburgh Penguins hockey franchise.
Jackson bought the ranch, a 2,700-acre property in Los Olivos, California, about 125 miles northwest of Los Angeles, for about $ 17 million in 1988. He named it Neverland Ranch, after Peter’s mythical home Pan, the boy on the island who never grew up.
Under Jackson’s direction, the property was transformed at a cost of $ 35 million into an entertainment complex, complete with a zoo, a train, an amusement park that included a ferris wheel and a 50-seat theater.
The property also includes a 13,000 square foot French country house, as well as other buildings.
In 2008, Neverland was almost mortgaged after Jackson failed to pay the $ 24.5 million he owed for the property. A Los Angeles real estate investment company, Colony Capital LLC, placed the title in a joint venture with Mr. Jackson.
Before his death in 2009, Jackson faced several charges that he molested boys, with some of the acts taking place in Neverland, according to his accusers. One case went to trial in 2005; he was acquitted after 14 weeks. He died four years later, while preparing for a series of concert dates that he hoped to revive his career. After the 2005 trial, Mr. Jackson never moved back to his ranch.
The documentary “Leaving Neverland”, which premiered at the 2019 Sundance Film Festival, rekindled speculation about the charges.
Months after the documentary was shown, a legal dispute between HBO and Jackson’s estate intensified over allegations that the cable channel, in showing the documentary, had violated an old contract which stipulated that “it must not make derogatory comments. “about Jackson.
In December, HBO lost an appeal to a court decision that granted the estate’s motion to take the dispute to arbitration, according to Variety.
The property has been on the market since 2015, despite speculation that it would be used as a memorial to Mr. Jackson, similar to Elvis Presley’s Graceland. But amusement park toys were removed and it was renamed Sycamore Valley Ranch, The Journal reported.
In 2016, the asking price was $ 100 million, but dropped to $ 67 million the following year.
Stacy Brown, author of “Michael Jackson: the man behind the mask”, said she used to be close to the Jackson family and visited the ranch several times.
He said that Jackson was hospitable and that the ranch “had everything”. A statue of a butler held the ranch guest book, which many famous Hollywood people have signed, Brown said.
“It was a great place, but many will say it was a place where children were exposed to abuse, and I don’t disagree with that,” said Brown, who was a prosecution witness in the 2005 case. He said he never witnessed Mr. Jackson doing anything malicious.
“What a pity it came to this, and a pity that Michael is dead,” he said. “The sale of Neverland is a sad day for the Jackson family. This really ends with an incredible legacy. “
Christina Morales contributed reports.