New York, 25th December: The King of pop star Michael Jackson’s famous ranch has been sold 10 years after his death.
Baaghi TV: The ‘Neverland Ranch’ of the late pop star Michael Jackson has reportedly been sold to a billionaire investor for a quarter of its initial asking price.
Spokesperson of Ron Burkle, a former friend of Jackson, reported that Jackson’s friend has recently bought the estate in Los Olivos, California.
As per reports from the Wall Street Journal, he paid $22m (£16.2m) for Neverland, citing public records and three people familiar with the deal.
The 2,700-acre (1,100 hectares) compound was first listed for $100m in 2015. Since then Neverland, north of Santa Barbara city, has been on and off the market, listed most recently last year for the lower price of $31m.
Originally, the ‘Thriller’ star had 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.
It may be recalled that Jackson, who died from an overdose of the anaesthetic Propofol in 2009 at age 50, bought the property in Los Olivos, about 120 miles (193 km) north of Los Angeles. After financial troubles, in 2008 he handed over the title to Colony Capital LLC, which held a loan on the property.
Stay tuned to Baaghi TV for all the interesting news!
