Neverland Rescued

Despite going into default on the $24.5 million owed on Neverland Ranch, Michael Jackson’s 2,500-acre oasis was saved after an investment company bought the loan, canceling a foreclosure auction scheduled for May 14th.

The loan purchase was made by Colony Capital LLC and in a statement released May 11th, a representative for Jackson said he was "pleased with recent developments involving Neverland Ranch … that would allow me to focus on the future."

Jackson bought the property in Santa Barbara County in 1988 and decorated the grounds with a merry-go-round, Ferris wheel, roller coaster and a zoo.