Neverland ranch was sold to Michael Jackson for $ 22 million (£ 16.2 million) more than 10 years after his death.

Billionaire businessman and Jackson family friend, Ron Burkle, bought the 2,700-acre property after being discovered from the air while viewing a nearby property by helicopter.

The property, near Santa Barbara, California, was sold at a third of the last asking price – which fell from £ 73.6m to £ 49m in 2016, the Wall Street Journal reports.

In addition to the main residence of 12,500 square feet, the property includes a 3,700-square-foot pool house and a separate building with a cinema and dance studio with a capacity of 50 seats.

Jackson, Who died in 2009 at the age of 50, installed a railroad and amusement park rides, as well as a zoo.

Neverland Ranch was named the home of Peter Pan – the boy who never grew up – from the famous children’s story.

The singer vowed not to return to the estate after he was acquitted of molesting a young boy there.

Michael Jackson died of an overdose at the age of 50 in 2009

He handed it over to Colony Capital LLC to obtain a loan on the property amidst financial troubles.

The Jackson estate was recently granted permission to Follow-up actions against HBO Airing the documentary Leaving Neverland.

The show included allegations from Wade Robson and James Safechuck that the singer repeatedly abused them inside the property when they were children.

A US court ruled earlier this month that Jackson’s team could pursue arbitration against the network, as they signed a non-derogation contract when they agreed to broadcast his Dangerous Tour in 1992.

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Mr. Burkle is a controlling shareholder in the luxury member club Soho House.

He was considering buying nearby Lake Zacca as part of the concession, but decided it was too far and too expensive for the club.

His spokesman told the Wall Street Journal that the businessman sees the investment as “a banking opportunity for land.”