LOS ANGELES, California (X17online) - Michael Jackson avoided a foreclosure auction of his Neverland Ranch after an investment company purchased a loan on the property, a spokeswoman said on Sunday, May 11. According to the Los Angeles Times, the loan was purchased by Colony Capital LLC and was the latest deal to keep Jackson from losing the 2,500 acre Santa Barbara County ranch.

Back in March, Jackson and his creditors, Fortress Investment Group, reached an agreement to postpone the auction until this week, and Colony Capital LLC spokeswoman Caroline Luz told the press that the auction has now been canceled.

A statement was released by Jackson's reps saying that the singer was "pleased with recent developments involving Neverland" that would allow him "to focus on the future."

Neverland Ranch had a Ferris wheel, a roller coaster, game arcades and a zoo with elephants, giraffes, orangutans and other exotic animals. Jackson purchased the ranch 20 years ago for $28 million.

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