Michael Jackson's controversial Neverland Ranch finally sells for $22 Million, not $100 Million

Michael Jackson's Neverland Ranch located in Santa Barbara County, California, reportedly sold to billionaire Mr. Ronald Burkle for a $22 million. The King of Pop had bought the property in the 1980s for $18.5 million, and one of Los Angeles' real estate termed the latest deal as a "steal."

Following Michael Jackson's death in 2009, Neverland Ranch was put up for sale in 2015, with an initial price tag of $100 million. The whopping demanding price included the 12,598 square foot six-bedroom Normandy-style mansion, the four-acre lake with a waterfall, a pool house, three guest houses, a tennis court, and a 5,500-square-foot movie theater and state.

As per The Wall Street Journal, Mr. Ronald Burkle once served as an adviser to the "Thriller" singer on business matters in the mid-200s. Mr. Burkle's spokesperson revealed that the transaction is a "land bank opportunity." Mr. Burkle once thought that the property would be too remote given that he already owns a retreat location for Soho House.

"He ultimately decided that location was too remote for the retreat, he saw Mr. Jackson's former ranch from the air and called Tom Barrack, founder of Colony Capital, directly to ask if he would sell it. The property had been taken off the market and was not publicly listed at the time," the spokesperson added.

Michale Jackson's Neverland Ranch:

Michael Jackson's Neverland Ranch is located about eight kilometers north of unincorporated Los Olivos. Jackson's first encounter with the ranch came when he visited The Beatles' Paul McCartney, who was staying in the ranch during their filming of the "Say Say Say" video in 1983. After getting too attached with the property, Jackson bought it in 1988 and renamed it after Neverland -- the fantasy island in the story of Peter Pan, a boy who never grows up.

Michael Jackson added several features to the property that made the ranch the talk of the entertainment world. Jackson included a Ferris Wheel, Carousel Zipper, Octopus, Pirate Ship, Wave Swinger, Super Slide, Roller Coaster, Bumper Cars, and an amusement arcade.

Michael Jackson's Neverland Ranch also hosted several key events in history, including but not limited to the wedding of Elizabeth Taylor and Larry Fortensky in 1991, the live Ophrah Winfrey interview of King of Pop in 1993, and a grand event of 1995 where Jackson and Lisa Marie Presley hosted children from around the world.

Controversy behind Michael Jackson's Neverland Ranch:

Neverland Ranch was searched by the members of the law in connection with the People v. Jackson trial after he was charged with multiple counts of molesting a minor in 2003. The singer was acquitted of all the charges but he stated that he would never live at the property again as he no longer considered the place his home and then never returned to Neverland.

In 2006, all the facilities of Neverland Ranch were closed and most of the staff were dismissed.