Michael Jackson’s Neverland Ranch has been sold for approximately $80 million less than expected at $22 million.
The King of Pop’s Neverland Ranch was changed to Sycamore Valley Ranch by Jackson’s estate and real estate investment trust Colony Capital due to unwarranted legal issues. Seizing the opportunity of the diminished value, billionaire Ron Burkle purchased the property for a low $22 million USD, as reported by The Wall Street Journal.
At the height of his musical career, Neverland Ranch became just as popular as Jackson himself. The estate housed a zoo, amusement park, and movie theater. Jackson originally purchased the land for $19.5 million USD and was first listed for sale at $100 million USD in 2015.