May 12, 2008
Michael Jackson says ranch foreclosure averted
NEW YORK (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch set for this week was averted after a loan on the California property was sold to Colony Capital, a large real estate investment firm.
The loan, which sources familiar with the matter said was about $23.5 million, had been held by Fortress Investment Group , a New York-based private equity and hedge fund group. The 2,700-acre ranch in Santa Barbara County was slated to be auctioned off on May 14 after Jackson defaulted on loan payments. Read more
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Good, that way we won't have to meet out on the interstate.
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