Michael Jackson’s former Neverland ranch sold for $ 22 million to billionaire Ron Burkle, a former pop star partner and co-founder of investment firm Yucaipa Companies, according to public records and three people familiar with the deal. .
The property, located about 40 miles from Santa Bárbara, has been in and out of the market for years, being quoted for the first time for $ 100 million in 2015 and undergoing several price cuts. It was listed for $ 31 million last year, The Wall Street Journal reported.
Mr. Jackson’s assets were co-owners of the farm with a fund managed by Colony Capital,
a real estate investment fund. In the midst of financial difficulties, Jackson failed to pay a loan secured by the ranch and Colony bought the note in 2008, placing the title of the property in a joint venture he formed with the pop star. Mr. Jackson originally paid about $ 19.5 million for the farm in 1987.
Michael Jackson’s Neverland ranch was finally sold.
Photograph:
Jim Bartsch
Jackson made Neverland famous by installing quirky features like a railroad and an amusement park, which included a ferris wheel and carousel. He also kept orangutans and an elephant there. A fancy floral clock on the front of the property said “Neverland”. The ranch was named for the fantasy world in JM Barrie’s “Peter Pan”.
The Los Olivos estate spans about 2,700 acres and includes about 22 structures, including a 12,000-square-foot Normandy-style mansion. There are also several inns, a swimming pool with a hut, a basketball court, a tennis court and a cinema with 50 seats, reported The Wall Street Journal when the property went on sale.
The ranch spans about 2,700 acres with about 22 structures.
Photograph:
Jim Bartsch
After Jackson’s death, the property was renamed Sycamore Valley Ranch. The amusement toys have been removed.
Michael Jackson died in 2009.
Photograph:
The LIFE Picture Collection / Getty Images
Burkle served as the singer’s adviser on business matters in the mid-2000s, when the pop star worked to avert a financial disaster caused in part by his lavish lifestyle, The Wall Street Journal reported at the time. Mr. Jackson died in 2009.
Burkle is a well-known lover of architecture and has owned several major houses, including Ennis House in Los Angeles, designed by Frank Lloyd Wright, which he sold for $ 18 million last year after completing a US restoration project. $ 10 million. He also owns a John Lautner home in the Palm Springs area, which was designed and built in the 1970s for Bob and Dolores Hope, the records show.
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