- Michael Jackson’s famed Neverland Ranch has finally sold to billionaire Ron Burkle for $22 million after more than five years on and off the market, Katherine Clarke reported for the Wall Street Journal.
- Burkle, co-owner of the Pittsburgh Penguins and owner of members-only club Soho House, paid $22 million for the property after spotting it from the air and calling the owner directly, per the Journal.
- Jackson’s former home was rebranded as Sycamore Valley Ranch and listed for $100 million in 2015, but it languished on the market for more than five years even after multiple price cuts.
- The ranch includes a 12,598-square-foot main residence, two guest houses, a lake, a 50-seat movie theater, and a Disney-themed train station.
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After more than five years and multiple price cuts, Michael Jackson’s famed Neverland Ranch finally sold — for less than a quarter of its original asking price, Katherine Clarke reported for The Wall Street Journal.
The estate now belongs to Pittsburgh Penguins co-owner Ron Burkle, the managing partner of private investment firm The Yucaipa Companies. Burkle, who’s worth $2 billion and also owns members-only club Soho House, paid $22 million for the ranch, which he saw as a “land bank opportunity,” his spokesperson told the Journal.
After hitting the market for $100 million in 2015 under the moniker Sycamore Valley Ranch, the California ranch was discounted to $67 million in 2017 and then relisted again in 2019 for $31 million. In February 2020, Compass confirmed to Business Insider that it had been pulled off the market. But according to the Journal, Burkle called the owner directly after seeing the ranch from the air.
Real-estate investment firm Colony Capital has co-owned the ranch since 2008, when Jackson defaulted on a loan after financial hardships and entered into an ownership agreement with the firm for $23 million. The late singer bought the ranch in 1987 for $19.5 million and lived there for more than 15 years.
The 2,700-acre property in Los Olivos includes a French-Normandy style main residence, two guest houses, a lake, a 50-seat movie theater, a 14-foot lagoon-style pool, a dance studio, barns, staff facilities, and a Disney-themed train station.
The ranch featured prominently in “Leaving Neverland,” a 2019 documentary about multiple accusations of child sexual abuse by Jackson.
Take a look inside the Sycamore Valley Ranch.
April Walloga and Alyson Penn contributed to an earlier version of this story.