Burkle, a one-time associate of Jackson and co-founder of the Yucaipa Companies investment firm purchased the 2,700-acre property in Los Olivos, near Santa Barbara for $22 million, according to the Wall Street Journal.
First listed in 2016 for $100 million, the property dropped to $67 million a year later, and was down to $31 million last year. Jackson originally paid about $19.5 million for the ranch in 1987.
Named for the fantasy world in J.M. Barrie’s Peter Pan, the property includes about 22 structures, including a 12,000-square-foot Normandy-style mansion. There are also several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theater. Other features on the ranch are a “Disney-style” train station, a fire house and barn.
A spokesman for Burkle tells WSJ that Burkle views the property as a land banking opportunity. The spokesman told the publication Burkle had been considering Zaca Lake, which adjoins the ranch, for a new retreat location for Soho House, the private club company he co-owns, but ultimately decided the location was too remote. He saw Jackson’s former ranch from the air and put in an offer to buy it. It had been taken off the market and was not publicly listed at the time.
Burkle advised Jackson on business matters in the mid 2000s. The pop star died in 2009.
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