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Michael Jackson says ranch foreclosure averted

Sun May 11, 2008 3:06pm EDT

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NEW YORK, May 11 (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch property in California has been canceled by Colony Capital LLC, which acquired the loan on the ranch from Fortress Investment Group (FIG.N) and is negotiating a deal.

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Jackson said in a press release that he was "in discussions" over the ranch with Colony and was "pleased with recent developments."

A spokesman for Jackson declined to provide further details. (Reporting by Dane Hamilton; editing by John Wallace)

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