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CNB News – Billionaire Ron Burkle has purchased Michael Jackson‘s Neverland Ranch, for $22milion Thursday report.

A spokesman for Burkle told the news agency that he views the property as a land banking opportunity, and confirmed the sale. Burkle is the shareholder with a controlling interest in Soho House, a chain of high-end restaurants and private clubs.

The property, located about 40 miles from Santa Barbara, had been on and off the market for years, first listing for $100 million in 2015 and undergoing several price cuts. It was listed for $31 million last year, The Wall Street Journal reported.

Burkle’s spokesman said¬† that the billionaire had originally considered an adjacent property as a potential location for a new members-only club, but decided against the project after finding the property to be too remote. Neverland Ranch is about 120 miles north of Los Angeles, near the town of Santa Ynez.

The estate was initially put up for sale in 2015, following the King of Pop’s death in 2009 from a drug overdose.

More pictures of the Michael Jackson’s Neverland Ranch

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