After a massive price cut on the property that belonged to the late King of Pop, Neverland was sold for $22 million to billionaire businessman Ron Burkle. Keep reading to find out all the details.
Millionaire investor Ron Burkle, 68, just closed the deal to buy Neverland for just $22 million.
This was indicated by the Wall Street Journal on December 25th, 2020.
Initially, Thomas Barrak Jr's company, Colony Capital, asked for $100 million in 2015 for the renamed Sycamore Valley ranch.
Already in 2019, the amount claimed by Barrak had dropped to $31 million and as it was not sold it was withdrawn from the market.
Still, Burkle was able to acquire the property after having seen it from above while flying over the area in search of another property that he planned on buying to install a new branch of his private clubs, Soho House.
The Montana businessman was even a financial advisor to an indebted Michael Jackson, who bought the ranch for $19.5 million and sold it in 2008 for $22.5 million.
The truth is that after the King of Pop's child abuse scandal, the property suffered a major devaluation and the 2019 HBO documentary “Leaving Neverland” has done the 2700-acre estate's popularity no favors.
In fact, the heirs of the “Thriller” singer sued the network for $100 million, flatly denying the accusations just as the artist did in life.
Of course, the 68-year-old businessman took advantage of a great land banking opportunity with this ranch that has three guest houses, tennis courts, a lake, a zoo, barns, a swimming pool, and the main house with 6 bedrooms that witnessed the conception of great music hits created by the unrivaled Michael Jackson.