Michael Jackson's Neverland Escapes Foreclosure

Pop legend Michael Jackson has averted foreclosure on his Neverland Ranch, following late intervention from real estate investment firm, Colony Capital.

The California property, which had been held by Fortress Investment Group, was bailed out by a sale to Colony Capital, believed to be in the region of $23.5 million.

Jackson's ranch was due to be auctioned off on May 14, after the entertainer defaulted on loan payments.

Representatives of the parties involved have so far refused to comment. Jackson has been plagued by financial hardship since his acquittal from molestation charges in 2005 and is currently in the studio working on a comeback album.