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Michael Jackson’s Neverland Ranch sold to billionaire, Ron Burkle for $22 million

American billionaire Businessman, Ron Burkle has purchased late Michael Jackson’s Neverland Ranch for $22 million.

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The famous Neverland Ranch owned by late popstar, Michael Jackson has been finally sold to popular American billionaire and onetime associate, Ron Burkle for $22 million.

According to a report by The Wall Street Journal, the property was first listed for $100 million in 2015 and subsequently underwent severe price cuts, settling for $31 million last year.

Themoneymetrics gathered that Mr. Jackson made Neverland famous by installing eccentric features like a railroad and an amusement park, which included a Ferris wheel and a merry-go-round. He also kept orangutans and an elephant there.

However, since the death of Jackson in 2009, the Neverland ranch has undergone various renovations, including the removal of its famous amusement park

What you should Know:

  • Mr Jackson originally paid about $19.5 million for the ranch in 1987.
  • Amid financial struggles and the inability of Mr Jackson to meet up with his loan obligations backed up by the ranch, a 2008 agreement was reached with Colony Capital- a real-estate investment trust to co-manage the property under a joint venture.
  • The famous ranch which spans about 2,700 acres has 22 buildings, including a 12,000-square-foot mansion. It also has several guesthouses, a swimming pool with a cabana, a basketball court, a tennis court and a 50-seat movie theatre.
  • Findings by Nairametrics reveal that the new buyer, Ron Burkle, an American billionaire is a co-founder and managing partner of Yucaipa Companies, LLC. According to Wikipedia, his net worth is currently estimated at $2 billion.
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US Election: China congratulates Joe Biden

China hopes the incoming administration would work with China in the same direction, going forward.

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The Chinese government finally joined the list of world leaders to congratulate the US President-elect, Joe Biden, and his vice, Kamala Harris, on his election victory last week.

This was disclosed by the Chinese Foreign Ministry in a Bloomberg report on Friday.

What you should know 
Themoneymetrics reported last week that Joe Biden had finally won the 2020 general elections in the United States of America.

Biden, who turns 78 at the end of the month, will become the oldest president of the United States, and its 46th president, ending the era of the republican party being at the helm of affairs.

President Muhammadu Buhari congratulated  Joe Biden, saying that his election was a reminder that democracy was the best form of government.

The Chinese Foreign Ministry said they had been following the events of the election, and that they respected the decision of the American people.

“We have been following the reaction on this U.S. presidential election from both within the United States and from the international community,”Wang Wenbin, Chinese Foreign Ministry spokesman, told a newsmen in Beijing.

“We respect the American people’s choice and extend congratulations to Mr. Biden and Ms. Harris.

“We understand that the result of the U.S. presidential election will be determined following the U.S. laws and procedures.”
China’s congratulations comes days after most of the world congratulated the President Elect, though the incumbent President Trump still contests the results of the November election.

China’s Foreign Ministry added that they hoped the new administration would  work with China in the same direction, going forward.

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Donald Trump bans American investments in companies linked to Chinese military

Trump issued an executive order that bans American companies from investing in Chinese companies.

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U.S President Donald Trump has issued an executive order that bans American companies from investing in Chinese companies linked to or controlled by the Chinese military.

This was disclosed by Reuters on Friday and is expected to have an impact on tech companies majorly owned by the Chinese government including Telecom Corp Ltd, China Mobile Ltd and Hikvision.

The order, which goes into effect from the 11th of Janury 2021, prevents American investment funds, Pensions funds and many others from “buying shares of 31 Chinese companies that were designated by the Defense Department as backed by the Chinese military earlier this year.”

American companies will be permitted to make transactions to divest ownership from the banned companies until November 2021.

“China is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses,” the White House said.

Trade Adviser to the White House, Peter Navarro, said the rule would prevent American money from arming China and estimates half a trillion dollars in market capitalization was represented by the Chinese companies and their subsidiaries.

“This is a sweeping order designed to choke off American capital to China’s militarization,” he said.

Some companies affected by the order reported low shares at the stock exchanges, as China Telecom reported that the order would have a negative impact on it share price and it would monitor developments closely. Its shares were down 7.8% in Hong Kong.

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BREAKING: Joe Biden wins US Presidential Election

Joe Biden has defeated Donald Trump to emerge the 46th president of the United States of America.

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Joe Biden has finally won the 2020 general elections in the United States of America. According to CNN, this is after his hard-won victory in Pennsylvania, which puts him above the required 270 electoral college votes.  

All things being equal, Joe Biden, who turns 78 at the end of the month, will become the oldest president of the United States, and its 46th president ending the era of the republican party in the helm of affairs. 

Before the latest announcement, President Trump had held a wide lead over Biden in Pennsylvania on the night of the election, but as election officials counted hundreds of thousands of mail-in ballots, the race shifted dramatically in Biden’s favor, infuriating Trump and his allies, who knew the President’s path to the White House was over without the commonwealth. 

More details about the victory will be subsequently communicated through this channel.

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