The LA Times reports that Michael Jackson successfully stopped the foreclosure sale of his Neverland Ranch.
The property, in the Santa Ynez Valley in Santa Barbara County, CA was to be auctioned off to pay $24.5 million Mr. Jackson owed to his creditor, Fortress Investment Group. On Sunday (May 11) it was revealed that Colony Capital LLC, a New York-based private equity group, stepped in to buy out his loan. Neverland Ranch was scheduled to be auctioned off May 14.
In a prepared statement the former King of Pop says he is in discussions with Colony and its founder Tom Barrack Jr. “with regard to the ranch and other matters“.
Mr. Jackson bought the ranch in 1988 for $28 million.