Published 14:12 IST, December 26th 2020
Michael Jackson's Neverland Ranch sold to billionaire businessman Ron Burkle
Michael Jackson’s Neverland Ranch, a piece of property that the late pop star had made news with when it was purchased back in 1987, has found a new owner.
- Entertainment News
- 2 min read
Michael Jackson’s Neverland Ranch, a piece of property that the late pop star had made news with when it was purchased back in 1987, has found a new owner in billionaire Ron Burkle. The piece of real estate that spans over 12,500 square feet, as per an article on the Wall Street Journal, came at a price point of 22 million to the billionaire investor. At one point in time, as per an article on BBC, Michael Jackson’s Neverland Ranch came with a price tag of approximately 100 million dollars. Some of the images of the iconic Jackson mansion can be found below.
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Time and again, pictures and images of one of the most well-known Michael Jackson's properties have indicated that the luxurious piece of real estate also includes a separate building that houses fifty cinema screens and a mini train that is inspired by the character and stories made by Disney. As per an article on Standard, the previous owners had put a price tag of a hundred million dollars seven years after the pop sensation's tragic passing, but they revised it to 67 million dollars a year later.
Burkle's plans for the Neverland Ranch
An article on ABC News claimed that the billionaire, as per his spokesperson, views the purchase of the ranch as a land banking opportunity. A land banking scheme is when an individual buys a piece of land and then later divides it into pieces only to sell it to individual investors at a later date. A large part of the said scheme reportedly goes unregulated. An article on The Standard also claimed that Burkle was even eyeing Zaka Lake, which is a piece of property attached to Neverland Ranch for the purpose of converting it into a SoHo house, but then later dropped the idea due to its seemingly unreasonable price point.
About Ron Burkle
Ron Burkle is an angel investor and a businessman who is also an owner of the ice hockey team Pittsburgh Penguins. Burkle reportedly made his fortune by investing in then-startups such as Spotify, Airbnb & FourSquare. Burkle even owns an investment firm known as Yucaipa Companies.
Updated 14:12 IST, December 26th 2020