Michael Jackson’s Neverland Ranch was sold for $ 22 million, less than a quarter of its initial sales price of $ 100 million, to billionaire investor Ron Burkle in a deal that described a Los Angeles realtor as a “robbery. “.
The property in Los Olivos, California, was the home of the late pop star from 1987, when he was at the height of his fame, until the time of his death in June 2009. He died of a drug overdose in a different house in Holmby. Hills neighborhood of Los Angeles.
Of the two Jackson properties, Neverland, located on 2,698 acres of land, was much better known. During the 1990s, Santa Barbara County prosecutors searched the ranch and described it as a fantasy world that Jackson built to lure children onto the property to abuse them. Jackson was acquitted in that case.
The ranch also featured an additional amusement park, a train ride, and a zoo that housed orangutans and an elephant named Gypsy that Elizabeth Taylor gifted the singer-songwriter in 1991. Neverland was marketed for $ 100 million in 2015.
According to the Wall Street JournalJackson’s ranch was eventually bought by Burkle, a longtime partner of the late pop star and co-founder of the investment firm Yucaipa Companies, after it was listed again for $ 31 million this year.
At the time of the sale, it was co-owned by Jackson’s estate with a fund managed by Capital of the colony, a real estate investment trust. Jackson originally paid $ 19.5 million for the ranch, but had defaulted on a loan backed by the property and was placed in a joint venture with the trust.
Ian Reed, Los Angeles Real Estate Agent told The Guardian that even considering the home’s “creepy past” and the fact that the ranch, built in 1982, features outdated interiors, the price could be considered a steal.
“It might be like a haunted house, but the buyer just got a deal, actually a robbery,” Reed said.
The buyer advised Jackson on business matters for several years before his death, when the pop star was working his way out of financial troubles. He is known to have several homes in the area, including the Ennis House in Los Angeles, designed by Frank Lloyd Wright, and a John Lautner house in Palm Springs, designed and built for Bob and Dolores Hope.
According to the listing, Sycamore Valley Ranch, also known as NeverLand, consists of a 12,000-square-foot French Normandy-style mansion and “is the ultimate ranch retreat … nestled among gardens and a 4-acre lake, incredible pastoral views to the south and majestic views to the mountains North. “
The property includes “a large covered outdoor barbecue area that is perfect for entertaining and by the pool, the pool house and the tennis court.” Also on the property are three separate guest houses, a 5,500-square-foot movie theater with stage, barns, animal shelter facilities, corrals, and a maintenance shop.
At one point, Jackson installed a floral clock on the property’s gates that spelled “Neverland,” a name that comes, of course, from JM Barrie’s Peter Pan. After Jackson’s death, the property was renamed Sycamore Valley Ranch and the attractions were dismantled.
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