Michael Jackson's Neverland Ranch sold to billionaire

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.

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.

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