Michael Jackson’s former Neverland Ranch in California has been snapped up by US billionaire Ron Burkle, his spokesman has confirmed, reportedly at a massively discounted worth of round $22 million (about R321 million).
It marks a dramatic decline from the ranch’s $100 million asking worth in 2015.
The late “King of Pop” famously transformed his sprawling, gated house right into a fairytale-themed retreat – full with toy railroad, Ferris wheel, and orangutans – and penned a few of his largest hits on the ranch.
However Neverland was additionally the notorious location the place Jackson was accused molesting younger boys, a cost the mega popstar constantly denied.
Jackson was acquitted of all costs in 2005.
It was rebranded as Sycamore Valley Ranch after Jackson’s loss of life in 2009.
Burkle, a Montana-based businessman with investments starting from supermarkets to the leisure business, bought the ranch “as a land banking alternative,” his spokesman informed AFP.
The $22 million price ticket reported by the Wall Avenue Journal, and confirmed as roughly correct by a supply aware of the deal, would mark a dramatic decline from the ranch’s $100 million asking worth in 2015.
That lofty payment, dubbed “optimistic” by realtors even on the time, was slashed to $31 million final 12 months, however there have been nonetheless no takers and was taken off the market.
Jackson reportedly paid $19.5 million for the property within the 80s. The Colony Capital funding agency bought the ranch from the closely indebted singer for $22.5 million the 12 months earlier than his loss of life.
Burkle beforehand labored as an adviser for the singer on enterprise issues, together with resolving money owed incurred by his lavish life-style within the years earlier than his loss of life.
Jackson’s ranch was raided in 2003 as a part of the kid molestation case in opposition to him and was acquitted of all costs within the case in 2005.
Final 12 months, the HBO documentary ‘Leaving Neverland’ aired testimonies of two males who declare Jackson sexually abused them as kids on the ranch.
The Jackson property, which is suing HBO for $100 million over a “posthumous character assassination,” strongly denies all of the allegations, as Jackson did in his lifetime.