Michael Jackson Avoids Losing Neverland Ranch

Michael Jackson has avoided foreclosure on his Neverland Ranch after a company acquired the exisitng loan allowing him to keep ownership of the iconic property.The 2,700-acre ranch in Santa Barbara was set to be auctioned this Wednesday (May 14), however, the King of Pop released a statement saying that the outstanding loan was taken over by Colony Capital, LLC,  a Los Angeles based private-equity firm. “I am pleased with recent developments involving Neverland Ranch," Jackson expressed.  "And I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future.”No further comments were made by either party at the time of writing. Photo courtesy of Sony BMG.