Michael Jackson’s Neverland Ranch Bought By Billionaire & Singer’s Former Business Advisor, Ron Burkle
Michael Jackson’s infamous Neverland ranch now has a new owner.
Billionaire Ron Burkle purchased the estate, which sits on 2,700 acres, for roughly 20% less than its value was five years ago.
Ron Burkle was one of the late King of Pop’s business advisors who worked closely with him before his shocking 2009 passing. One of his main tasks was to mediate with creditors who wanted MJ to pay his debts.
Michael Jackson’s Neverland ranch has been trying to sell the mansion for $100 million in 2015 but no one was interested. It was put back on the market for $31 million, but the 70% cut still didn’t bring any buyers.
Michael Jackson first bought Neverland for $19.5 million in 1987.
It features 22 buildings, including the main structure, a 12,000 square-foot mansion. It also touts a swimming poool, basketball court, tennis court, and a movie theater that sits 50 people.
It’s also the place where young boys alleged Michael Jackson molested them. He underwent trial and was acquitted in 2005. He went on to settle a second molestation accusation at the ranch for $20 million. Still, the accusations are still a cloud over Michael Jackson’s career as HBO’s Leaving Neverland featured two men who said he sexually assaulted them when they were boys.
His estate recently won its appeal in its $100 million case against the network.
According to the lawsuit filed last year, back in 1992 when HBO agreed to air Michael Jackson in Concert in Bucharest: The Dangerous Tour, the contract entered contained a strict non-disparagement agreement. A non-disparagement agreement clause restricts individuals from taking any action that negatively impacts an organization, its reputation, products, services, management, or employees. The lawsuit also alleges that the documentary is based on false accusations and that Michael Jackson’s accusers have been financially motivated to lie.
What do you think about Neverland having a new owner? Let us know in the comments.