Michael Jackson’s Neverland Ranch sold for $22 million

Michael Jackson's famed Neverland Ranch in California has finally sold, more than 10 years after the death of the pop star who abandoned the property following his trial on charges of molesting a young boy there. Billionaire investor Ron Burkle, a former family friend of Jackson, recently bought the sprawling 2,700 acre estate, his spokesman said on Thursday. The Wall Street Journal said the estate, which was renamed Sycamore Valley Ranch several years ago, sold for $22 million according to public records. In 2015, the asking price was $100 million and in 2017 it was re-listed for $67 million. Jackson bought the property in Los Olivos, about 193 km north of Los Angeles, in 1988 for $19.5 million. After financial troubles, in 2008 he handed over the title to Colony Capital LLC, which held a loan on the property.  

Source: Reuters

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