Pittsburgh Penguins co-owner Ron Burkle to purchase Michael Jackson’s Neverland Ranch for $ 22 million – CBS Pittsburgh

LOS ANGELES (AP / KDKA) – Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.

Burkle sees the 2,700-acre property in Los Olivos, near Santa Barbara, as an opportunity for land banking, his spokesman said in an email on Thursday.

Burkle is the co-owner of the Pittsburgh Penguins. Burkle became part-owner of Mario Lemieux in 1999 to save the Pittsburgh Penguins from bankruptcy.

The Wall Street Journal reports that the property was sold for $ 22 million to Burkle, an employee of the late pop star and co-founder of the Yucaipa Companies investment firm.

The price of the property was $ 100 million in 2016 and dropped to $ 67 million a year later.

In addition to a 12,500 square meter main residence and a 3,700 square meter pool house, the property has a separate building with a cinema with 50 seats and a dance studio.

UNITED STATES – NOVEMBER 22: Michael Jackson’s Neverland Ranch near Santa Barbara, California (Photo by John Roca / NY Daily News Archive via Getty Images)

Other features of the ranch include a Disney-style train station, fire station, and barn.

Burkle’s spokesman said the billionaire was looking at Zaca Lake – which is adjacent to the property – for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle finally decided that the place was too remote and too expensive for a club.

Burkle is the majority shareholder in Soho House.

After Burkle saw the property from the air, he made him an offer to buy.

(Copyright 2020 The Associated Press. All rights reserved. Do not publish, broadcast, rewrite, or redistribute this material without permission.)