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The ranch has been sold to Ron Burkle, per the Wall Street Journal, who cited public records and several people familiar with the details of the agreement in a report on Thursday. Burkle is the co-founder of the private investment firm Yucaipa Companies. He also worked closely with Jackson in the years before his death in 2009, with TMZ describing him in a separate report as a "former business advisor" to the singer.
Following the sprawling 2,700-acre property's $100 million listing in 2015, a number of price drops followed, most recently including a $31 million asking price in 2019. Jackson purchased the ranch for an estimated $19.5 million in 1987.
The property made news in November when artist Daeshard allegedly trespassed in order to shoot a music video.
Earlier this month, the Michael Jackson estate landed a victory in connection with a legal battle over the 2019 documentary Leaving Neverland. The estate previously argued that the documentary was a violation of a decades-old non-disparagement clause from a 1992 concert film, with HBO responding by arguing that the clause in question was not pertinent to Leaving Neverland. HBO also argued that the estate was trying to silence alleged victims of sexual abuse.
Per Variety, a panel of three judges upheld a lower court ruling allowing the estate to take the dispute to arbitration.