74
ASSOCIATED PRESS / 2004
The rear entrance to pop star Michael Jackson’s Neverland Ranch home in Santa Ynez, Calif. Jackson’s Neverland Ranch has found a new owner in billionaire businessman Ron Burkle. Burkle’s spokesman said in an email today that Burkle bought the 2,700-acre property near Santa Barbara, California.
ASSOCIATED PRESS / 2016
Ron Burkle rides along the victory parade route for the Pittsburgh Penguins NHL hockey team, in Pittsburgh. Michael Jackson’s Neverland Ranch has found a new owner in billionaire businessman Burkle. Burkle’s spokesman said in an email today that Burkle bought the 2,700-acre property near Santa Barbara, California.
ASSOCIATED PRESS / 2006
Michael Jackson waves in Tokyo. Jackson’s Neverland Ranch has found a new owner in billionaire businessman Ron Burkle. Burkle’s spokesman said in an email Thursday, Dec. 24, 2020, that Burkle bought the 2,700-acre property near Santa Barbara, California.
LOS ANGELES >> Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said today 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.
The asking price of the property was $100 million in 2016 then dropped to $67 million a year later.
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.
Burkle is the controlling shareholder of Soho House.
After Burkle saw the property from the air, he put in an offer to purchase.
By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.
Having trouble with comments? Learn more here.