The famous Neverland mansion, once owned by singer Michael Jackson and located in California, has finally been sold more than 10 years after the death of the pop star, who abandoned the property after the trial he faced on charges of abusing sexually of a child there.
Billionaire investor Ron Burkle, a former friend of the Jackson family, recently purchased the sprawling 2,700-acre (1,100-hectare) estate, his spokesman announced Thursday.
The Wall Street Journal has reported that the property, which was renamed Sycamore Valley Ranch several years ago, sold for $22 million, according to public records. In 2015, the sale price was 100 million dollars and in 2017 it already dropped to 67 million.
Burkle’s spokesman said the businessman saw the investment as an opportunity to get a return later. The investor saw the property from the air while he was looking at another location and contacted Tom Barrack, the founder of real estate investment firm Colony Capital LLC, to seal the sale. The ranch was off the market at the time.
Jackson, who died of an overdose of the anesthetic Propofol in 2009 at age 50, bought the property in Los Olivos, about 120 miles (193 km) north of Los Angeles, in 1988 for $19.5 million. After financial problems, in 2008 he turned over the property to Colony Capital LLC, who had a loan on the property.
The Myth of Neverland
Neverland, a name taken from the tale of Peter Pan and the myth of the boy who refused to grow up, became Jackson’s favorite haunt and was famous for featuring a zoo, train and theme park rides.
It was also where he entertained visiting children, one of whom filed sexual abuse charges against the singer that resulted in a 2005 trial and Jackson’s acquittal of all charges. Jackson vowed never to return to Neverland after the trial.
Burkle is the majority shareholder in Soho House, a private members’ club that attracts people from the media and entertainment industries and has properties in New York, London, Los Angeles and Hong Kong.
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