Billionaire Ronald Berkeley, founder of the investment company Ukeife, bought the former estate of pop star Michael Jackson, known as “The Neverland,” for $ 22 million, the Wall Street Journal reported. The amount may sound astronomical to you, but it is only one-fifth of the original amount in which the magnificent mansion was purchased in 2016. Watch a tour of the mythical Neverland mansion:
A spokesman for Berkeley, who previously served as Jackson’s financial advisor, said the estate is undoubtedly a great opportunity to invest in land. Jackson purchased the farm, a 2,700-acre property, located in Los Angeles, California, for $ 17 million in 1988. The mythical singer decided to name the estate “Neverland,” after Peter Pan’s home, as a sign that he was “a child not growing up “.
Under Jackson’s guidance, the property has been converted into a recreation complex with a zoo, roller coaster, Ferris wheel and theater hall, all at a cost of about $ 35 million. In 2008, Neverland was nearly foreclosed after Michael Jackson ran into $ 24.5 million in debt, but eventually real estate company Colony Capital LLC entered as a partner in the property. Prior to Jackson’s death in 2009, he faced serious allegations in which he was allegedly Abused young boys on the estate, and after the trial, Jackson never returned to live on the estate.
According to reports in the New York Times, an HBO documentary called “Leaving Neverland,” which premiered at the Sundance Film Festival in 2019, has rekindled speculation about the allegations against Jackson and the estate. The film reportedly made disparaging remarks against the singer, and as a result, a lawsuit was filed against the streaming company HBO, alleging that they violated a contract that stipulated that they should not present Jackson in a negative light. The property has also been on the market since 2015, despite speculation that it will serve as a memorial to Michael Jackson’s legacy.
From year to year, the value of the estate decreased, when in 2016 it was worth about $ 100 million, while in the following year, about $ 67 million. Billionaire Berkeley is reportedly keeping an eye on the estate as a potential area to become a branch of the Soho House members club, which has many branches all over America. Finally, after a tour of Musk, Berkeley decided that the location was not attractive for the members club, but decided to purchase it anyway as an investment fixture.