Billionaire businessman, Ron Burkle has baught Michael Jackson’s Neverland Ranch for $22-million.
It was reported by The Wall Street Journal that Burkle, co-founder of investment firm Yucaipa Companies, was an associate of the late pop star. WSLS news reported that the initial selling price of the property was $100-million in 2016, then dropped to $67-million one year later.
The stunning property in Los Olivos, California, was home to the late ‘King of Pop’ from 1987 to the time of his death in June 2009. Jackson bought the ranch for nearly $19.5-million and named it Neverland, a fictional place where Peter Pan, Tinker Bell, Captain Hook and some other mythical beings and creatures live.
The ranch was turned into an entertainment complex, with a zoo, a railway and theme park rides, and he regularly used the property to entertain children.
According to BBC, in the 1990s and 2000s, Michaels home ‘Neverland’ became the centre of various investigations into child sexual assault allegations.
In 1993, Michael Jackson was accused of sexually abusing his 13-year-old son at the ranch, by Los Angeles dentist and screenwriter Evan Chandler. Michael Jackson denied the allegations that he had used Neverland as a fantasy world to groom young boys, reports the BBC, and became acquitted in 2005.
BBC also reported that Michael did not returned to Neverland. After four years, in June 2009, he died at his other home in Los Angeles after suffering a cardiac arrest induced by a drug overdose.
Jackson’s personal physician, Conrad Murray, was accused of giving the pop singer the fatal dose and was found guilty of involuntary manslaughter back in 2005, and was sentenced to four years in prison but later on released after two years in October 2013.
BBC reported that Neverland has been rebranded as ‘Sycamore Valley Ranch’ and has undergone extensive redevelopment since Michael’s death.