Neverland Ranch finally finds a buyer. Michael Jackson’s 2,700 acre property near Los Olivos sells for $22 million dollars to billionaire Ron Burkle, the owner of the Pittsburgh Penguins hockey team.
The estate was listed for $100 million dollars in 2015. Most recently, the price had dropped to $31 million. The property includes a 12,000 square foot Normandy-style mansion, a 50-seat movie theater, a basketball court, tennis court and several guest houses. Neverland’s amusement park rides were removed prior to the sale.
Michael Jackson defaulted on a loan backed by the property. His estate co-owned the ranch with real estate investment trust Colony Capital. After Jackon’s death the property was advertised as Sycamore Valley Ranch.
