Today, Michael Jackson announced that the foreclosure sale of his Neverland Valley Ranch, which was scheduled for May 14, 2008, has been cancelled. Colony Capital, LLC, a LA-based private equity firm, cancelled the auction after just acquiring the existing loan on the property from an affiliate of Fortress Investment Group.

Michael Jackson said in the statement:

“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.”

Spokespersons for the parties involved were not available for comment so far.

Source: Las Vegas Business Wire