Investment Firm Bails Out Neverland

Eccentric Pop King gets to keep fantasy land estate
By Laurel Jorgensen,  Newser Staff
Posted May 12, 2008 7:06 AM CDT
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)
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(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.