Michael Jackson's "Neverland Ranch" bought by Pittsburgh Penguins co-owner

The home once owned by the late singer Michael Jackson has been sold to Pittsburgh Penguins co-owner Ron Burkle, CNN confirmed last Saturday.

Although the sale price has not been officially confirmed, the Wall Street Journal has reported that it was bought for $22 million.

Named for the fictional island in J. M. Barrie's "Peter Pan" in which children never grow up, Jackson purchased the estate back in 1987 for $19.5 million. The 2,700-acre ranch housed, among other things, a private amusement park and zoo.

The price of the estate has declined in value as vendors struggled to sell the property. In

2014, the property was listed at $100 million. By 2019, it was up for sale at $31 million.