Michael Jackson's Neverland ranch finally sells - but for fraction of original asking price

It has been bought by billionaire businessman Ron Burkle, who is a controlling shareholder of Soho House.

Michael Jackson's Neverland Ranch has sold for $22m (£16.2m) more than 10 years after his death. Billionaire businessman and family friend of the Jacksons, Ron Burkle, bought the 2,700-acre estate after spotting it from the air while viewing a nearby property by helicopter. The estate, near Santa Barbara in California, sold for a third of the latest asking price - which dropped from £73.6m to £49m in 2016, The Wall Street Journal reported.

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