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Billionaire buys Neverland Ranch

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Billionaire Ron Burkle purchased late pop singer Michael Jackson's Neverland Ranch for $22 million.

It was a steep discount after the property first was listed for $100 million in 2015. The price was $31 million last year.

Burkle is a one-time associate of Jackson who also is the co-founder of investment firm Yucaipa Cos.

Read more from The Wall Street Journal.

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