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Michael Jackson Avoids Losing Neverland Ranch
May 11th, 2008
Michael Jackson has avoided foreclosure on his Neverland Ranch in Santa Barbara County, after a company acquired the exisitng loan and allowed him to retain ownership of the iconic property.
The 2,700-acre ranch 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 said.
"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.
NEXT: Vanessa Williams Graduates College 25 Years On
Photo courtesy of Sony BMG.
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