May 11 2008
Michael Jackson says ranch foreclosure averted
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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