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Michael Jackson's Neverland Ranch sold for 78 million less than the original asking price

Michael Jackson's Neverland Ranch sold for 78 million less than the original asking price
/ George Rose / Contributor / Getty Images Entertainment / Getty Images

The California property once known as Michael Jackson's Neverland Ranch has been purchased by billionaire and former Jackson family friend Ron Burkle.

The original asking price of the Neverland property was $100 million and later dropped to $67 million a year later. While spokesman Frank Quintero did not confirm the purchase price, The Wall Street Journal did report the 1,100-hectare estate (renamed Sycamore Valley Ranch), sold for $22 million.

Neverland Ranch— named after the fictional "Neverland" in the tale of Peter Pan— was purchased by the King of Pop in 1987 for $19.5 million. Jackson discovered the location with Paul McCartney when both men were filming the music video for their duet “Say Say Say.”

In addition to a 12,500 square-foot French-Normandy-style residence where Jackson lived for 15 years, the property includes a 3,700 square-foot pool house, a separate building with a 50-seat movie theater, a dance studio, a Disney-themed train station, a firehouse, a barn and so much more.

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