Pittsburgh Penguins co-owner Ron Burkle is the new owner of Michael Jackson’s Neverland Ranch.

On Saturday (December 26), Burkle's spokesperson confirmed to CNN that his client bought the famous property. The Wall Street Journal reported that he bought the estate for $22 million.

The "Thriller" singer originally purchased the 2,700-acre "Sycamore Valley Ranch" in 1987 for $19.5 million. He named it "Neverland Ranch" after the story of Peter Pan, the boy who never grew up. He created the land into a child's dream, similar to a miniature Disneyland.

The land featured 22 structures including a complete amusement park with theme park rides, a zoo, train, tennis court, basketball court, pool, movie theater, topiaries and fire department.  Jackson lived in the 12,000-square-foot main house for over fifteen years until 2005 when the child molestation accusations arose.

After Jackson's tragic death in 2009, the property was jointly owned by his estate and a fund that was managed by Colony Capital Real Estate.

 

The property was first listed for sale in 2014 at $100 million. It was on and off the market, reportedly due to low interest and the wildfires and mudslides in Santa Barbara. It was listed for $31 million in 2019.

The iconic estate is still frequented by fans, who leave flowers, letters and gifts at the legendary front gates.

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