Michael Jackson’s Santa Ynez Valley estate sells for $22 million to Yucaipa Cos. co-founder Ron Burkle

ASSOCIATED PRESS

Michael Jackson’s Neverland Ranch in the Santa Ynez Valley has found a new owner in billionaire businessman Ron Burkle.

Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said in an email last week.

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 Cos.

The asking price of the property was $100 million in 2016 then dropped to $67 million a year later.

In addition to a 12,500-squarefoot main residence and a 3,700-square-foot pool house, the property has a separate building with a 50-seat movie theater and a dance studio.

Other features on the ranch are a “Disney-style” train station, a firehouse and a barn.

Burkle’s spokesman said the billionaire had been eyeing Zaca Lake — which adjoins the property — for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto.

Burkle ultimately decided the location was too remote and expensive for a club.

Burkle is the controlling shareholder of Soho House.

Burkle put in an offer to purchase the propety after seeing it from the air.