The late Michael Jackson’s Neverland Ranch in California has finally been sold but for a knockdown price.
The pop star who died over 10 years ago abandoned the 2,700 acre (1,100 hectare) estate after his trial on charges of molesting a young boy in the same place.
However, recently, billionaire investor Ron Burkle, a former family friend of Jackson bought the property.
Burkles spokesperson disclosed the information on Thursday.
According to the Wall Street Journal, the property which was renamed Sycamore Valley Ranch several years ago, sold for $22 million (Sh2.3 billion) as per public records.
While it's asking price was $100 million (Sh10 billion) in 2015, the ranch was re-listed for $67 million (Sh7.2 billion) in 2017.
Burkle’s spokesperson added that Burkle spotted the estate from the air while looking at another location and deemed it as a great opportunity for land banking.
According to the spokesperson, the business man immediately contacted Tom Barrack, the founder of real estate investment company Colony Capital LLC for the purchase. At the time, the ranch was off the market.
The late Michael Jackson bought the property in Los Olivos for $19.5 million. However, he handed over the title to Colony Capital LLC in 2008 after facing financial troubles. The company held a loan on the property.
Despite Neverland being Jackson's favorite retreat place where he entertained children, he vowed to never return to ranch after the 2005 trial following molestation charges against the pop star.
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