Pittsburgh Penguins co-owner Ron Burkle has reportedly purchased the infamous Neverland Ranch from the estate of Michael Jackson for $22 million.
From Rolling Stone magazine:
The Santa Barbara County, California property, which has been owned by a venture between the Michael Jackson estate and a real estate investment firm since the singer’s death in 2009, recently sold for $22 million to businessman Ron Burkle; the billionaire previously served as Jackson’s advisor on business matters in the mid-2000s, when the singer struggled with debt due to his lavish lifestyle, the Wall Street Journal reports.
Jackson purchased the 2,700-acre property in 1988 for $17 million and spent an estimated $35 million turning the estate into an amusement park complete with a zoo, Ferris wheel, a theater, a train station, go-kart track and its own fire department.
If you don't get sticker shock from the $22 million sale price, the $100 listing price should do the trick. In the end the Jackson family had to settle for $78 million less than their asking price to sell the once magical estate. Of course, the Neverland Ranch has been shrouded in controversy after two men alleged that Jackson sexually abused them as children while staying at the ranch. Jackson moved out of his Neverland Ranch residence in 2005 but maintained it until his death in 2009.