Jackson, who has been struggling over financial problems and things have gotten worst over the years, had to put Neverland ranch for sale through an auction this week, reports PerezHilton.com.
Fortunately, Jackson’s 2 700-acre estate was salvaged by Colony Capital, an investment firm that agreed to pay the total amount due for the property.
During a press conference, the King of Pop explained that he was in talks with the company’s founder, Tom Barrack Jr., concerning the ranch and other matters.
According to a source, a Los Angeles firm, Colony, had no problem fronting the loan while negotiating the methods of payment.