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 (Dec. 24) 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 businessman built his wealth by acquiring and selling grocery store chains, and holds investments in U.K. and U.S.-based talent agencies. Most recently, he made an investment in the Beverly Hills-based APA agency via his Yucaipa Companies firm.