Colony Capital LLC have bought the loan held by Fortress Investment Group on Michael Jackson's Neverland, as such the auction has now been cancelled.
Jackson issued a quote to the media via a spokesman:
"I am pleased with recent developments involving Neverland Ranch and 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".
Why does he want to keep the place, given that he has effectively abandoned it?
Colony are now negotiating payment terms for the $23.5M loan with Jackson.
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