Michael Jackson’s Neverland Ranch in California has been sold for 22 million dollars (£16.2 million).

Billionaire businessman Ron Burkle purchased the 2,700-acre property in Los Olivos, near Santa Barbara, after seeing the site from the air and putting in an offer.

The Wall Street Journal first reported the sale of the property to Mr Burkle, an associate of the late pop star and co-founder of the investment firm Yucaipa Companies, who sees the investment as a land banking opportunity.

The asking price of the property was 100 million dollars (£73.6 million) in 2016 then dropped to 67 million dollars (£49 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 theatre and a dance studio.

Other features on the ranch are a Disney-style train station, a fire house and barn.

Mr 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.

He ultimately decided the location was too remote and expensive for a club.