According to official records and three persons with knowledge of the transaction, Michael Jackson’s former Neverland ranch has been sold for the price of $22 M to billionaire Ron Burkle, a onetime acquaintance of the late pop star and co-founder of the investment firm Yucaipa Companies.

The property, which was initially listed for $100 M in 2015 and subsequently went through many price reductions, was located approximately 40 miles from Santa Barbara and had been on and off the market for years.

According to The Wall Street Journal, it was originally advertised for $31 M in the previous year.

The ranch was held jointly by the estate of Mr. Jackson and a fund that was managed by Colony Capital, which is a real estate investment trust.

Due to his ongoing financial difficulties, Mr. Jackson had defaulted on a debt that was backed by the ranch.

In 2008, Colony bought the note, which allowed them to transfer the title of the property into a joint venture that they formed with the pop star.

In 1987, Mr. Jackson owned the ranch for around $19.5 M, the initial own price.