M
ichael Jackson’s Neverland Ranch in California has been sold for US$22 million (£16.2m) – less than a quarter of its original asking price.
Billionaire businessman Ron Burkle purchased the 2,700-acre property in Los Olivos, near Santa Barbara, after seeing the site from the air and putting in an offer.
The Wall Street Journal first reported the sale of the property to Mr Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies, who sees the investment as a land banking opportunity.
The asking price of the property was US$100 million (£73.6m) in 2016 then dropped to US$67m (£49m) a year later.
