Michael Jackson’s Neverland Ranch sold to billionaire, Ron Burkle for $22 million

The famous Neverland Ranch owned by late popstar, Michael Jackson has been finally sold to popular American billionaire and onetime associate, Ron Burkle for $22 million.

According to a report by The Wall Street Journal, the property was first listed for $100 million in 2015 and subsequently underwent severe price cuts, settling for $31 million last year.

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Nairametrics gathered that Mr. Jackson made Neverland famous by installing eccentric features like a railroad and an amusement park, which included a Ferris wheel and a merry-go-round. He also kept orangutans and an elephant there.

However, since the death of Jackson in 2009, the Neverland ranch has undergone various renovations, including the removal of its famous amusement park.

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What you should Know:

• Mr Jackson originally paid about $19.5 million for the ranch in 1987.
• Amid financial struggles and the inability of Mr Jackson to meet up with his loan obligations backed up by the ranch, a 2008 agreement was reached with Colony Capital- a real-estate investment trust to co-manage the property under a joint venture.
• The famous ranch which spans about 2,700 acres has 22 buildings, including a 12,000-square-foot mansion. It also has several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theatre.
• Findings by Nairametrics reveal that the new buyer, Ron Burkle, an American billionaire is a co-founder and managing partner of Yucaipa Companies, LLC. According to Wikipedia, his net worth is currently estimated at $2 billion.

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