Spokesman Frank Quintero did not confirm the purchase price, but The Wall Street Journal reported it was $22 million.
The Santa Barbara, California property made famous by singer Michael Jackson, Neverland Ranch was on the market again with a new price and marketing angle. After not finding success with an asking price of $100 million in 2015, it came down in price to $67 million. But now it was back with a $31 million ask and the new moniker “Sycamore Valley Ranch” that it was given during a previous marketing round.
A spokesperson for Burkle told NBC he saw the ranch from the air while looking at another location and saw the investment as a land banking opportunity. It features a 12,000-square-foot Normandy-style mansion, several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theater.
Burkle, a former friend of Jackson, is also the co-founder of Yucaipa Companies, an investment firm. Neverland Ranch was named after the fictional “Neverland” in the tale of Peter Pan, the boy who could never grow up.
Jackson died from an overdose of Propofol in 2009 at the age of 50. The property lies about 120 miles north of Los Angeles and Jackson bought it in 1988 for $19.5 million. It became the pop star’s favorite retreat and once featured a zoo, railroad and theme park rides.