By CBSLA Staff

LOS ANGELES (CBSLA) – The famous Neverland ranch once owned by the late pop legend Michael Jackson has been sold for $22 million, according to a report.

The ranch, located in the Santa Barbara County wine country enclave of Los Olivos, was purchased by billionaire Ron Burkle, the Wall Street Journal reported Thursday.

FILE — Michael Jackson’s Neverland Ranch in Los Olivos, Calif. April 1995. (Getty Images)

The 2,700-acre ranch had been co-owned by Jackson’s estate and the investment firm Colony Capital, WSJ said.

Jackson sold the ranch to Colony Capital in 2007, two years before his death, because he was facing serious financial problems and was defaulting on mortgage payments.

It has been on the market for years. At one point it was listed for $100 million.

Jackson bought the ranch in 1987 for $19.5 million, according to WSJ.