LOS ANGELES (AP) — 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.
Burkle is also a co-owner of the Pittsburgh Penguins hockey team.
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.
According to the Associated Press, the ranch also features a "Disney-style" train station, a barn, and a firehouse.
In 2016, the property was being sold for $100 million. A year later, it was dropped to $67 million, the AP reported.
According to the WSJ, it was listed last year for $31 million.
The late singer purchased the ranch in 1987 for about $19.5 million, the WSJ reported.
The AP reported that Burke put in an offer on the property after seeing it from the air.