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Home / Entertainment News / 2008 / May 2008 / May 12, 2008
Jacko saves his Neverland Ranch

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Michael Jackson

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Jacko saves his Neverland Ranch

Michael Jackson has successfully saved his Neverland Ranch from a foreclosure sale after a loan on the estate was sold to an investment firm.

Washington, May 12 : Michael Jackson has successfully saved his Neverland Ranch from a foreclosure sale after a loan on the estate was sold to an investment firm.

The property in California was reportedly being sold off on May 14 if in case Jackson could not pay 24.5 million dollars he owed in property taxes.

However, Jacko breathed a sigh of relief when Colony Capital, a New York-based private equity group, stepped in to buy his loan.

According to a statement from Jackson, the popstar is in discussions with Colony and its founder Tom Barrack Jr. "with regard to the ranch and other matters", reports Contactmusic.

Meanwhile the company seems to be "very comfortable" holding the loan while it settles upon payment terms.

ANI