Burkle is also the co-founder of Yucaipa Companies, an investment firm.
Neverland Ranch – named after the fictional ‘Neverland’ in the story of Peter Pan, the boy who could never grow up, was bought by Jackson in 1987 for $ 19.5 million.
The 2,700-acre estate once contained 22 structures, including an amusement park and a zoo that housed elephants, a giraffe, orangutans and Jackson’s chimpanzee bubbles.
Jackson died in 2009 in what according to the Coroner in Los Angeles County was ‘acute propofol drunkenness’. His doctor, dr. Conrad Murray, was convicted in 2011 of involuntary manslaughter in connection with Jackson’s death and served less than two years in prison.
The price keeps falling
The property, now known as Sycamore Valley Ranch, was jointly owned by Jackson’s estate and a fund managed by fixed investment trust Colony Capital.
At the time, agent Kyle Forsyth shared the listing with Suzanne Perkins.
He said the property, which contains the nearly 12,000-square-foot main house where Jackson lived for 15 years, was kept off the market due to wildfires and mudslides in nearby Santa Barbara, California.
“Everyone has been retiring for about a year,” Forsyth said in 2019.
Forsyth told CNN on Saturday he was no longer affiliated with Colony Capital or the listing of the farm.
CNN has released Perkins, but has yet to hear about it.