Sometimes high-end real estate has unexpected histories of ownership — the home Wayne Gretzky owned twice comes to mind. And sometimes the buyers of famous estates — or infamous estates, depending on your perspective — find their latest acquisition via unexpected methods. Such is the case with Neverland Ranch, owned by Michael Jackson until his death. It’s been on the market for years, with an asking price of $100 million. And now it’s been sold, for substantially less than that.
The buyer? Ron Burkle, the majority owner of Soho House. Vulture has more details on their reports on the sale: Burkle was apparently impressed when he saw the estate from the air, and ultimately paid $22 million for it. That is a substantial price drop; then again, as Vulture’s article points out, plenty of people have negative associations regarding Neverland Ranch.
The Associated Press’s report on the sale notes that Burkle considers the property to be a land banking opportunity, according to a spokesperson. Burkle had also been considering the area for a new Soho House location, but ultimately decided against it.
The estate includes a main residence, a pool house and a building housing a movie theater and dance studio. What the future of the existing structures will be under the estate’s new ownership remains to be seen, but it does feel like a corner has been turned.
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