A billionaire investor who once served as a business adviser to Michael Jackson has reportedly purchased the late singer’s former home, previously known as Neverland Ranch, for $22 million after a series of price drops over the past five years.
Citing public records and multiple sources familiar with the transaction, The Wall Street Journal reports Ron Burkle recently bought the eccentric estate that sits about 40 miles northwest of Santa Barbara, California, at the edge of Los Padres National Forest. Burkle is a co-founder of Yucaipa Companies, an investment firm, and is part-owner of the Pittsburgh Penguins NHL franchise.
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