Michael Jackson’s Neverland Ranch sold for reported $22 million

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LOS OLIVOS, CA – NOVEMBER 18: Michael Jackson’s Neverland Ranch is shown November 18, 2003 outside of Santa Barbara, California. Police armed with a search warrant swarmed Jackson’s sprawling home in the Santa Ynez Valley. One media report said the warrant was tied to allegations brought by a 12-year-old boy. (Photo by Frazer Harrison/Getty Images)

LOS ANGELES — Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.

Burkle’s spokesman said in an email Thursday that Burkle bought the 2,700-acre property near Santa Barbara and views it as a land banking opportunity.

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

In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a 50-seat movie theater and a dance studio.

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