The Neverland ranch of the late pop star Michael Jackson has reportedly been sold to a billionaire investor for a quarter of its initial asking price.
Ron Burkle, a former friend of Jackson, recently bought the estate in Los Olivos, California, his spokesman said.
He paid $22m for Neverland, the Wall Street Journal reported, citing public records and three people familiar with the deal.
The 2,700-acre compound, located about 40 miles from Santa Barbara, had been on and off the market for years, first listing for $100 million in 2015 and undergoing several price cuts. It was listed for $31 million last year.
Jackson originally paid about $19.5m for Neverland, which he named after a fictional island where children never grow up in JM Barrie’s Peter Pan story.
Jackson made Neverland famous by installing quirky 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. A whimsical floral clock in the front of the property spelled out “Neverland.” The ranch was named for the fantasy world in J.M. Barrie’s “Peter Pan.”
