Who Is Ron Burkle? Billionaire Buys Michael Jackson's Neverland Ranch

Michael Jackson’s famous property, Neverland Ranch, was purchased Saturday by billionaire businessman Ron Burkle.

The property was first purchased by Jackson in 1987 for an estimated $19.5 million. Jackson, who died in 2009, had lived at the ranch in Santa Barbara County, California, for about 17 years.

The 2,700-acre ranch was known for its grandiosity. It included three railroads, a Ferris wheel, bumper cars, a carousel and a pirate ship. There's also a tennis court, a basketball court, a movie theatre and a large swimming pool.

The exact purchase price by Burkle hasn’t been announced yet, but the Wall Street Journal reported that it was bought for $22 million. It was first listed in 2014 for $100 million and was put up for sale in 2015.

The property has since changed its name to Sycamore Valley Ranch. The property includes a home that is about 12,000-square-feet.

Burkle, 68, is a Southern California native. He owns the NHL's Pittsburgh Penguins and is the co-founder of investment firm Yucaipa Companies, which was involved in major grocery-chain mergers and acquisitions. Burkle has also invested in tech startups and media companies.

He has an estimated net worth of $1.5 billion.

Burkle long had an interest in Jackson's ranch, after years of speculation that it would be sold. In a court deposition, Jackson stated that Burkle advised him through financial troubles when Jackson fought child molestation charges.

Burkle has coveted historical architecture, owning several multimillion-dollar estates throughout Southern California.

He has mostly stayed out of the media spotlight. In 2006, Burkle was the subject of a high-profile and messy divorce.