Michael Jackson's Neverland Ranch sold for knockdown price

A general view of the train station at Michael Jackson's Neverland Ranch. Photo: Reuters.

Michael Jackson’s famed Neverland Ranch in California has finally sold, more than 10 years after the death of the pop star who abandoned the property following his trial on charges of molesting a young boy there. Billionaire investor Ron Burkle, a former family friend of Jackson, recently bought the sprawling 2,700 acre (1,100 hectare) estate, his spokesman said on Thursday. The Wall Street Journal said the estate, which was renamed Sycamore Valley Ranch several years ago, sold for $22 million (Sh2.3 billion) according to public records. In 2015, the asking price was $100 million (Sh10 billion) and in 2017 it was re-listed for $67 million (Sh7.2 billion).

Burkle’s spokesman said the businessman saw the investment as a land banking opportunity. He spotted the estate from the air while looking at another location and contacted Tom Barrack, the founder of real estate investment company Colony Capital LLC, to seal the sale. The ranch was off the market at the time.