The Neverland ranch faced foreclosure since Jackson moved out, and his failure to pay on the $24 million property loan.

Jackson purchased Neverland 20 years ago at a cost of $28 million to make a fantasy park for young children. In its prime, Neverland boasted a Ferris wheel, roller coaster, game arcades and a zoo with elephants, giraffes, orangutans and other exotic animals.

Even though Michael Jackson stopped living at Neverland after being acquitted of sexual molestations, he says it still has an important place in Jackson's life.

According to the Los Angeles Times, the loan was purchased by Colony Capital LLC and was the latest arrangement to keep Jackson from losing the 2500-acre ranch.

In March, Jackson, 49, reached an agreement with his creditors, Fortress Investment Group, to postpone an auction until this week. Colony spokeswoman Caroline Luz said the auction has now been canceled.

All other details of the agreement between Jackson and the Colony Capital are confidential.

Source: By StarLink Celebrity