Jackson Sells Neverland

13 May 2008

Michael Jackson has been forced to sell off his prized Neverland ranch, according to reports.

The mortgage has been taken over by a new financer, Colony Capital LLC.

Jackson, who opened Neverland ranch in 1988, said in a statement: "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."

Michael has been having some financial issues recently after a couple of lawsuits drained his bank account!

The Ranch was listed for auction this week but Jackson made an agreement to postpone it with the investors.