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July 25, 2008 5:43:54 PM CDT

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Investment Firm Bails Out Neverland

Posted May 12, 08 7:06 AM CDT in Arts & Living,  Gossip 

(Newser) – An investment company has bailed out Michael Jackson’s Neverland Ranch and a foreclosure auction of the 2,500-acre California property—which once featured roaming wild animals and amusement park rides—has been canceled, reports the Los Angeles Times. The financially troubled pop star bought the Los Olivos ranch in 1988 for $28 million. Jackson, who moved to the Middle East after his acquittal on sex abuse charges, will now be able to keep the estate.

Source Los Angeles Times

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This aerial view of Michael Jackson's Neverland ranch in Santa Ynez, Calif., is shown in this Dec. 22, 1993, file photo.   (AP Photo/Mark J. Terrill)
The entrance to pop star Michael Jackson's Neverland Ranch is seen in this Dec. 2004, file photo, in Santa Ynez, Calif.   (AP Photo/Mark J. Terrill)
Michael Jackson hasn't lived at Neverland Ranch since 2005.   (AP Photo/Itsuo Inouye)
Michael Jackson poses on the red carpet during the RainbowPUSH Coalition Los Angeles 10th annual awards dinner celebrating Jesse Jackson's 66th birthday, on Thursday, Nov. 8, 2007 in Los Angeles.   (AP Photo/Danny Moloshok)
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California  • celebrity  • foreclosure  • auction  • Michael Jackson  • ranch  • Neverland


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