Pop legend Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle, report agencies.
Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said on Thursday in an email. The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.
In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio.
Other features on the ranch are a “Disney-style” train station, a firehouse and barn.
Burkle’s spokesman said the billionaire had been eyeing Zaca Lake — which adjoins the property — for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle ultimately decided the location was too remote and expensive for a club.