Michael Jackson’s Neverland Ranch has reportedly sold for $22m, less than a quarter of its initial $100m asking price, to billionaire investor Ron Burkle in a deal described one LA real estate agent as a “steal”.

The property in Los Olivos, California, was home to the late popstar from 1987, when he was at the height of his fame, to the time of his death in June 2009. He died of a drug overdose at a different home in the Holmby Hills neighborhood of Los Angeles.