Michael Jackson ranch sold for $22m

The Neverland ranch of the late Michael Jackson has been sold to billionaire Ron Burkle, a former friend of Jackson, for $22m, a quarter of its initial asking price of $100m. The 2,700-acre (1,100 hectare) compound in Los Olivos, California has been rebranded as Sycamore Valley Ranch and has undergone extensive redevelopment since Jackson's death. The businessman saw the investment as a land banking opportunity, the Wall Street Journal reports.