Ron Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said in an email.
Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.
Mr. Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email.
The Wall Street Journal reports the property was sold for $22 million to Mr. Burkle, an associate of the late pop star and co-founder of 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 theatre and a dance studio.
Other features on the ranch are a “Disney-style” train station, a fire house and barn.
Mr. 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. Mr. Burkle ultimately decided the location was too remote and expensive for a club.
Mr. Burkle is the controlling shareholder of Soho House. After he saw the property from the air, he put in an offer to purchase.