General
Michael Jackson’s Neverland Ranch sold to billionaire Ron Burkle for $28.8 million
Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
Key points:
- The property sold for $28.96 million but had an asking price of $131.5 million four years ago
- Mr Burkle, the co-founder of an investment firm, was an associate of Jackson
- He views the property as a land banking (future investment) opportunity, according to a spokesman
The Wall Street Journal reported the property was sold for $US22 million ($28.96 million) to Mr Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.
The asking price of the property was $US100 million ($131 million) in 2016 then dropped to $US67 million ($88 million) a year later.
When the property was put on sale…
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