Michael Jackson has prevented a foreclosure sale on his Neverland Ranch after a loan on the property was sold to an investment firm.

The California estate was reportedly scheduled to be sold off on May 14th if Jackson failed to pay $24.5 million he owed in property taxes - but Colony Capital, a New York-based private equity group, stepped in to buy his loan.

A statement from Jackson says the star is in discussions with Colony and its founder Tom Barrack Jr. "with regard to the ranch and other matters". The company is reported to be "very comfortable" holding the loan while it negotiates payment terms.

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(This news article provided by World Entertainment News Network)