Michael Jackson has sold his Neverland ranch.
Colony Capital LLC has taken over the mortgage form the current finance company, an affiliate of Fortress Investment Group.In a statement, Michael Jackson said, "I am pleased with recent developments involving Neverland Ranch and I am in discussions with Colony and Tom Barrack with regard to the Ranch and other matters that would allow me to focus on the future."
Barrack runs Colony, the Los Angeles based private equity firm.
Jackson had a loan of $23.5 million on the 2,900-acre ranch.
Neverland Ranch is at 5225 Figueroa Mountain Rd, in Los Olivos, California, in the Santa Ynez Valley.
Jackson employed around 70 staff to look after the upkeep of the property.
Michael Jackson moved into Neverland in 1988. Golf course entrepreneur William Bone previously owned the land. Jackson purchased the land for $30 million in 1987.
Neverland was listed for auction this weekend.
