Michael Jackson gets to keep Neverland Ranch
May 12, 2008
Pop star Michael Jackson sidestepped a foreclosure auction of his Neverland Ranch after an investment company bought the loan on the troubled Los Olivos property, a spokeswoman said Sunday.
The loan purchase by Colony Capital LLC was the latest deal to keep the 2,500-acre ranch from being sold off.
In March, Jackson, 49, reached an agreement with his creditors, Fortress Investment Group, to postpone an auction until this week.
Colony spokeswoman Caroline Luz said the auction has now been canceled.
In a statement released by a Jackson spokesman, who identified himself as B. Michael, the pop star said he was “pleased with recent developments involving Neverland” that would “allow me to focus on the future.”
From LAtimes
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