LOS ANGELES (AP/CBS13) — Michael Jackson’s Neverland Ranch in California has found a new owner in billionaire businessman Ron Burkle.

BEVERLY HILLS, CA – OCTOBER 17: Yucaipa Companies Chairman Ron Burkle attends the Wallis Annenberg Center for the Performing Arts Inaugural Gala presented by Salvatore Ferragamo at the Wallis Annenberg Center for the Performing Arts on October 17, 2013 in Beverly Hills, California. (Photo by Stefanie Keenan/Getty Images for Wallis Annenberg Center for the Performing Arts)

Burkle views the 2,700-acre property in Los Olivos, near Santa Barbara, as a land banking opportunity, his spokesman said Thursday in an email. The Wall Street Journal reports the property was sold for $22 million to Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies.

The asking price of the property was $100 million in 2016 then dropped to $67 million a year later. In addition to a 12,500 square-foot main residence and a 3,700 square-foot pool house, the property boasts a separate building with a 50-seat movie theater and a dance studio.

Other features on the ranch are a “Disney-style” train station, a firehouse and a barn.

Burkle’s spokesman said the billionaire had been eyeing Zaca Lake — which adjoins the property — for a new Soho House, a members-only club with locations in Los Angeles, Miami, New York and Toronto. Burkle ultimately decided the location was too remote and expensive for a club. Burkle is the controlling shareholder of Soho House.

After Burkle saw the property from the air, he put in an offer to purchase.

Burkle is a lead investor in the Sacramento Republic FC. He bought the team from Kevin Nagle, who had been the lead investor since the team’s first season in 2015.

His investment was a big factor in bringing Major League Soccer to Sacramento.