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Michael Jackson's Neverland Ranch Sold to Billionaire Ron Burkle

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hollywoodreporter.com

Michael Jackson's Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle. Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email.

The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.

The businessman built his wealth by acquiring and selling grocery store chains, and holds investments in U.K. and U.S.-based talent agencies.

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