When did Michael Jackson by land, so that he could build his future home - the Neverland Ranch?

Explanation

Michael Joseph Jackson (1958-2009) was an American singer and songwriter. In 1988 he bought land and built his ranch Neverland for somewhere between $16 and $30 million. The ranch is named after the fantasy island in the story of Peter Pan - the place where you never grow up. Neverland Ranch was Michael Jackson's home and private amusement park with a ferris wheel, a carousel, a roller coaster, bumper cars and much more. Neverland Ranch was sold in 2008 for $23.5 million.