Neverland, Michael Jackson's famous ranch in California, was finally sold.
The transaction was closed more than 10 years after the death of the pop star, who
left the property after being indicted on charges of sexually abusing a child
at the property.
Billionaire investor Ron Burkle, who was a close friend of the Jackson family, recently purchased the sprawling 2,700-acre property, his spokesman said Thursday.
Neverland, Michael Jackson's ranch, reduced its value by $ 70 million
Feb. 28, 201901: 04
[Trailer released for the controversial documentary about Michael Jackson, "Leaving Neverland"]
The Wall Street Journal said the property, which has been called Sycamore Valley Ranch for several years, sold for $ 22 million according to public records.
E
n 2015, the selling price was 100 million dollars
and in 2017 was again listed for $ 67 million.
Burkle's spokesman said the businessman saw the property as an investment for the future.
Burkle saw the ranch from the air, while looking at another property, and contacted Tom Barrack, the founder of Colony Capital LLC, a real estate investment firm, to close the purchase.
The ranch was off the market at the time.
Jackson, who died of an overdose of the anesthetic Propofol in 2009 at age 50,
purchased the property in Los Olivos, about 120 miles north of Los Angeles, in 1988 for $ 19.5 million
.
After various financial problems, the ranch was turned over in 2008 to Colony Capital LLC, which had a loan on the property.
Neverland, a name taken from the Peter Pan story, became Jackson's favorite haven and featured a zoo, a railroad, and theme park attractions.
[Michael Jackson's former employee reveals what the singer did with minors]
It was also the site where the singer met with children, one of whom filed charges of sexual abuse
that resulted in a 2005 trial and Jackson's acquittal of all charges.
After the court process, Jackson promised that he would never return to the ranch.
Burkle is the majority shareholder of Soho House, a private membership club that brings together people from the entertainment and media industries and has properties in New York, London, Los Angeles and Hong Kong.
With information from AP and NBC News