Jackson won't lose Neverland Ranch

LOS OLIVOS, Calif., May 12 (UPI) -- An investment company says it has bought the loan to Michael Jackson's Neverland Ranch in California's Santa Ynez Valley, saving it from foreclosure.

A foreclosure auction had been scheduled for the property this week, however, a spokeswoman for Colony Capital told the Los Angeles Times her company bought the loan and the auction has been called off.

In a statement released to the Times by a Jackson representative who identified himself only as B. Michael, Jackson said he was "pleased with recent developments involving Neverland" that would "allow me to focus on the future."

Jackson has not lived at Neverland, which once boasted an amusement park and zoo, since he was acquitted of child molestation charges in 2005.

The Times said the pop star purchased the property in 1988 for $28 million.