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		</div><p>Michael Jackson’s Neverland Ranch in California has been sold for 22 million dollars (£16.2 million).</p>
<p>Billionaire businessman Ron Burkle purchased the 2,700-acre property in Los Olivos, near Santa Barbara, after seeing the site from the air and putting in an offer.</p>
<p>The Wall Street Journal first reported the sale of the property to Mr Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies, who sees the investment as a land banking opportunity.</p>
<p>The asking price of the property was 100 million dollars (£73.6 million) in 2016 then dropped to 67 million dollars (£49 million) a year later.</p>
<p>In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theatre and a dance studio.</p>
<p>Other features on the ranch are a Disney-style train station, a fire house and barn.</p>
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<p>Mr 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.</p>
<p>He ultimately decided the location was too remote and expensive for a club.</p>
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