Washington
(ANI):
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.
sHowever,
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.