Neverland Ranch, Michael Jackson’s former home, sold to Pittsburgh Penguins co-owner Ron Burkle

Neverland Ranch, Michael Jackson's former home, sold to Pittsburgh Penguins co-owner Ron Burkle

Burkle is also the co-founder of Yucaipa Companies, an investment firm.

Neverland Ranch – named after the fictional “Neverland” in the story of Peter Pan, the Boy Who Didn’t Grow Up – was bought by Jackson in 1987 for $ 19.5 million.

The 2,700-acre estate housed 22 buildings, including a recreation house and a zoo housing elephants, giraffe, orangutans, and Jackson’s chimpanzee bubbles.

Jackson died in 2009 from what the Los Angeles County coroner described as “acute propofol poisoning”. His physician, Dr. Conrad Murray, was convicted in 2011 of manslaughter in connection with Jackson’s death and spent less than two years in prison.

The price continues to fall

In 2014, the property was listed for sale for $ 100 million. It was reportedly pulled from the market in 2017 after failing to find a buyer after the price dropped to $ 67 million, and returned to the market. In 2019 for $ 31 million.

The property, now known as Sycamore Valley Ranch, was jointly owned by the Jackson estate and a fund managed by the Colony Capital real estate investment fund.

At the time, Agent Kyle Forsyth shared the list with Susan Perkins.

He said the property, which houses the main home of about 12,000 square feet that Jackson lived in for 15 years, has been taken off the market due to wildfires and mudslides in nearby Santa Barbara, California.

“Everyone pulled out for about a year overall,” Forsyth said in 2019.

Forsyth told CNN on Saturday that he is no longer associated with Colony Capital or the farm listing.

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CNN has contacted Perkins but has not heard any response yet.

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