(CBS NEWS) – Michael Jackson's Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle. Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email.
The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.
The asking price of the property was $100 million in 2016 then dropped to $67 million a year later.
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