The Neverland ranch of the late pop star Michael Jackson has reportedly been sold to a billionaire investor for a quarter of its initial asking price.
Jackson originally paid about $19.5m for Neverland, which he named after a fictional island where children never grow up in JM Barrie’s Peter Pan story.
In the 1990s and 2000s, Neverland became the centre of various investigations into child sexual assault allegations against Jackson.
Mr Burkle, 68, is co-founder and managing partner of Yucaipa Companies, LLC, a private investment firm. His net worth as of 24 December 2020 was estimated to be $1.4bn, according to a profile by American business magazine Forbes.