May 11, 2008 / 8:00 PM / 9 years ago

Michael Jackson says ranch foreclosure averted

1 Min Read

<p>Michael Jackson fans sit near a banner outside Jackson's Neverland Ranch near Los Olivos, California on June 16, 2005.Lucas Jackson</p>

NEW YORK (Reuters) - Entertainer Michael Jackson said on Sunday that a foreclosure sale on his Neverland Ranch property in California has been canceled by Colony Capital LLC, which acquired the loan on the ranch from Fortress Investment Group and is negotiating a deal.

Jackson said in a press release that he was "in discussions" over the ranch with Colony and was "pleased with recent developments."

A spokesman for Jackson declined to provide further details.

Reuters/Nielsen

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