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MIJAC RELEASES STATEMENT ABOUT NEVERLAND: Singer confirms auction has been averted.
*Michael Jackson has officially announced that tomorrow's scheduled auction of his Neverland Ranch has been cancelled.
The property's existing $23.5 million loan from New York-based private equity and hedge fund Fortress Investment Group was acquired by Colony Capital, a large real estate investment firm.
“I am pleased with recent developments involving Neverland Ranch 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,” Jackson said in a statement.
The 2,700-acre property in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments.
Colony, a Los Angeles-based firm that has invested more than $39 billion since its founding in 1991, tells Reuters that it's "very comfortable" holding the loan while negotiating new mortgage payment terms for the King of Pop.
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