The property once know as Neverland Ranch, which was home to the late Micheal Jackson, has been bought by Ron Burkle, co-owner of the Pittsburgh Penguins. According to the Wall Street Journal, the price tag was a whopping $22 million.
The 2,700-acre estate once contained 22 structures, including an amusement house and a zoo which housed elephants, a giraffe, orangutans, and Jackson's chimp Bubbles.
While the price tag is large, the home was once listed for $100 million. However, it was pulled from the market in 2017 and then re-listed for $67 million. The price was dropped again in 2019 to $31 million.
Burkle bought into the Penguins in 1999, helping save the team from bankruptcy by partnering with former Penguin and hockey legend Mario Lemieux. Burkle was also instrumental in helping NHL Commissioner Gary Bettman end the 2012-13 lockout by helping him negotiate with the players' union. The billionaire has a lengthy history with union negotiations through his business, The Yucaipa Companies, a private investment firm that specializes in U.S. companies in the distribution, logistics, food, retail, consumer, hospitality, entertainment, sports, and light industrial sectors.
Neverland Ranch is now known as Sycamore Valley Ranch. It is located in Santa Barbara County, California on the edge of Los Padres National Forest.
