The Neverland ranch of the late pop star Michael Jackson has reportedly been sold after a decade of his death to a billionaire for $22 million.
Ron Burkle, Jackson’s former family friend, and a businessman have recently purchased the expensive estate of 1,100 hectares (2,700 acres).
Several years ago the property was renamed Sycamore Valley. Moreover, it was auctioned in 2015 and 2017 with the asking price of $100 million and $67 million respectively.
A businessman saw the investment as an opportunity for land banking. While looking at another site, he observed the estate while flying above it and approached Tom Barrack, the owner of the real estate investment firm Colony Capital LLC, to seal the deal. At the moment, the ranch was off the market, says the spokesperson of Burkle.
Previously, The Michael Jackson estate sued HBO for $100 million, arguing that the documentary violated the 27-year-old’s non-insulting norm from a concert film from a 1992 “dangerous” tour.
However, the Hollywood channel argued that this rule was irrelevant to the current controversy accusing the Jackson Estate of trying to silence victims of sexual abuse.