The famous Neverland Ranch owned by late popstar, Michael Jackson has been finally sold to popular American billionaire and onetime associate, Ron Burkle for $22 million.
According to a report by The Wall Street Journal, the property was first listed for $100 million in 2015 and subsequently underwent severe price cuts, settling for $31 million last year.
Nairametrics gathered that Mr. Jackson made Neverland famous by installing eccentric features like a railroad and an amusement park, which included a Ferris wheel and a merry-go-round. He also kept orangutans and an elephant there.
However, since the death of Jackson in 2009, the Neverland ranch has undergone various renovations, including the removal of its famous amusement park.
What you should Know:
- Mr Jackson originally paid about $19.5 million for the ranch in 1987.
- Amid financial struggles and the inability of Mr Jackson to meet up with his loan obligations backed up by the ranch, a 2008 agreement was reached with Colony Capital- a real-estate investment trust to co-manage the property under a joint venture.
- The famous ranch which spans about 2,700 acres has 22 buildings, including a 12,000-square-foot mansion. It also has several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theatre.
- Findings by Nairametrics reveal that the new buyer, Ron Burkle, an American billionaire is a co-founder and managing partner of Yucaipa Companies, LLC. According to Wikipedia, his net worth is currently estimated at $2 billion.