Co-owner of Pittsburgh Penguins buys Michael Jackson’s Neverland Ranch for $22 million

LOS ANGELES — More than 10 years after Michael Jackson’s death, his Neverland Ranch in California was sold to billionaire investor and co-owner of the Pittsburgh Penguins, Ron Burkle.

According to NBC News, Burkle, a former friend of Jackson, bought the estate after the pop star had abandoned it after his trial on charges of molesting a young boy there. Jackson was eventually acquitted of all charges.

The Wall Street Journal said it was renamed Sycamore Valley Ranch several years ago. The asking price was $100 million in 2015 and it was dropped to $67 in 2017.

A spokesperson for Burkle told NBC he saw the ranch from the air while looking at another location and saw the investment as a land banking opportunity. It features a 12,000-square-foot Normandy-style mansion, several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theater.

Jackson died from an overdose of Propofol in 2009 at the age of 50. The property lies about 120 miles north of Los Angeles and Jackson bought it in 1988 for $19.5 million. It became the pop star’s favorite retreat and once featured a zoo, railroad and theme park rides.

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