The foreclosure sale of the Neverland Valley Ranch, which was due to take place on May 14th, 2008 in Santa Barbara has now been cancelled, according to court papers that were issued on May 10th.
Colony Capital LLC, a Los Angeles based private equity firm, have acquired the existing loan on the property from an affiliate of Fortress Investment Group.
Michael has made a statement on the situation saying; “I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack (head of Colony) with regard to the Ranch and other matters that would allow me to focus on the future.”
Est. 1998
