Michael Jackson announced Sunday that the foreclosure sale of his Neverland Ranch property scheduled for this week has been cancelled by Colony Capital, LLC.
Colony Capital, which owns the Las Vegas Hilton, just acquired the existing loan on Neverland Ranch from an affiliate of Fortress Investment Group. Jackson said in a statement that appeared on the PR Wire.
Jackson’s statement said, "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."
Vegas Confidential reported on May 2 that "something’s up with Michael Jackson," adding "the way it was explained to me: Jackson has been in talks with a local hotel boss who wants to make a major statement.
"Last week, Jackson’s brother Jermaine showed up twice at the Las Vegas Hilton in his white Rolls-Royce."