The California property once known as Michael Jackson's Neverland Ranch has been sold 11 years following his death.
The 1,100-hectare estate, renamed Sycamore Valley Ranch several years ago, was purchased for $22 million (all figures U.S.) by billionaire and former Jackson family friend Ron Burkle.
The King of Pop bought the ranch for a reported $19.5 million in 1988. He discovered the property five years earlier when Paul McCartney stayed there during filming of the video for their duet “Say Say Say.”
Jackson stopped living at Neverland Ranch in 2005 following allegations that he sexually assaulted boys there. He died in 2009.
The property was originally listed at $100 million.
Burkle’s investment firm Yucaipa Companies has a number of music industry holdings. He is also a part-owner of the Pittsburgh Penguins as well as Soho House, which has a location in Toronto.