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(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.