Los Angeles - Michael Jackson has managed to evade foreclosure on his Neverland Ranch, after an investment company bought the loan to the California fantasy property, the Los Angeles Times reported Monday.

Colony Capital, a large real-estate investment firm, said it would negotiate payment terms with Jackson, who left the ranch after he was acquitted in 2005 of child molestation that allegedly took place on the estate. It was the latest deal to keep the
100-hectare property from from the hands of creditors.

Jackson, 49, said in a press release that he was "in discussions" over the ranch with Colony and was "pleased with recent developments." (dpa)