Billionaire businessman Ron Berkeley has found a new owner in California. His spokesman said in an email Thursday that Berkeley views the 2,700-acre property in Los Olivos near Santa Barbara.
The Wall Street Journal reports that the property was sold to Berkeley for $ 22 million, an affiliate of the late pop star and co-founder of the investment firm Yucaipa Company.
The asking price of the property was $ 100 million in 2016, then dropped to $ 67 million a year later.
In addition to the 12,500-square-foot main residence and 3,700-square-foot pool house, the property has a separate building with a 50-seater movie theater and dance studio.
Other features at the farm are a “Disney-style” train station, a fire house and barn.
A Berkeley spokesman said the billionaire was eyeing Zaca Lake – which connects the property – to a new Soho house, a one-member club with locations in Los Angeles, Miami, New York and Toronto. Berkeley eventually decided that the location was too remote and expensive for a club.
Berkeley is the controlling shareholder of Soho House.
After Berkeley saw the property from the air, he offered to buy it.