Michael Jackson's Neverland Ranch Reportedly Sells for $22 Million

Michael Jackson's famous "Neverland" estate just sold for $22 million. According to the Wall Street Journal, the large ranch, located in the Santa Barbara County wine country enclave of Los Olivos, was bought by billionaire Ron Burkle. Burkle was a one-time associate of the late pop star, and he's the co-founder of investment firm Yucaipa Companies.

The home has been off the market for several years, but in 2015 was priced at $100 million. After going through several price cuts, it was knocked down to $31 million in 2019 and then sold this year for $22 million. Jackson originally bought the estate for $19.5 million in 1987. The estate was co-owned through a fund managed by Colony Capital, a real estate investment trust. After the music legend went through financial struggles, Jackson defaulted on a loan backed by the ranch, and as a result, Colony bought it in 2008.

A spokesperson for Burkle said his purchase was a "land bank opportunity," noting he owns around 1,000 acres in Oak Glen, California. He's also said to be interested in purchasing the property that sits next to "Neverland" called Zaca Lake. Although he has not purchase that area as of yet, he saw Jackson's property and called the founder of Colony Capital, Tom Barrack, and requested that he sell it because it was not publicly listed at the time.

Burkle was an adviser to the legendary singer involving a few business matters in the mid-2000s. Due to Jackson's lavish lifestyle, he ran into several financial issues and Burkle helped guide Jackson through it. While this may be a lavish purchase on behalf of Burkle, this isn't his first large residential purchase. He owns several famous homes, including the $18 million Frank Lloyd Wright-designed Ennis House in Los Angeles. He also owns a John Lautner home in Palm Springs, built in 1970 for Bob and Dolores Hope.

As for "Neverland," the property became famous after Jackson installed unique features to the area, including rides, giving it a child-like, theme park feel. The home sits on 2,700 acres and includes 22 different structures. Along with the main residential space, there are several guesthouses, a swimming pool, a basketball court, a tennis court and a 50-seat movie theater. The amusement rides were all removed following his tragic death in 2009 and the estate was rebranded to Sycamore Valley Ranch