Michael Jackson's Neverland Ranch Sold to Billionaire Ron Burkle

Neverland Ranch, once the home of Michael Jackson, has sold to one of MJ's former business advisors, and the price tag was 1/5 what was just 5 years ago.

Billionaire Ron Burkle scooped up the 2,700-acre compound north of Santa Barbara in the town of Los Olivos. Burkle worked with Jackson in the decade before the singer's death ... most to stave off creditors who were going after MJ for enormous, unpaid debts.

As you know, Neverland was the site where Jackson allegedly molested young boys.  Jackson went on trial for alleged molestation at the Ranch and was found not guilty. He also settled another allegation of molestation at the Ranch for $20 million.

After Jackson's death, his estate tried unloading the property for $100 million in 2015, but there were no takers. Last year it was re-listed for $31 mil, but still no takers.

MJ purchased the property for $19.5 mil back in 1987 and turned it into a childlike fantasy for himself and his visitors.

The property has 22 structures ... the main one being a 12,000 square-foot mansion. There's also a swimming pool, basketball and tennis courts, and a 50-seat movie theatre.

During its heyday, the property had a railroad track and an amusement park, complete with a Ferris wheel and merry-go-round. MJ also had a zoo with all sorts of animals -- even an elephant.