Michael Jackson’s Neverland Ranch in Los Olivos, California, was sold to billionaire businessman Ron Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies, for $22 million. His net worth as of 24 December 2020 was estimated to be $1.4bn, according to Forbes. In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio. The asking price was $100 million in 2016 and $67 million a year later. The ranch also has a “Disney-style” train station and a fire house.
Jackson originally paid about $19.5m for Neverland, which he named after a fictional island where children never grow up in JM Barrie’s Peter Pan story. He turned the ranch into an entertainment complex, building a zoo and fairground on site. Prosecutors accused Michael Jackson of grooming children at the Neverland ranch. He denied. Neverland has been rebranded as Sycamore Valley Ranch and has undergone extensive redevelopment since Jackson’s death.