[Source: NME.com] The foreclosure auction of Michael Jackson’s Neverland Ranch in California has been cancelled, it was announced Monday 12 May.

The auction was scheduled for today but was called off because investment company Colony Capital LLC purchased the 2,500-acre (1011 hectares) property near Santa Barbara, reports the Los Angeles Times.

A spokesperson for Jackson issued a statement saying the pop star was “pleased with recent developments involving Neverland” that would “allow me to focus on the future”.

The ranch, which had roller coasters, a Ferris wheel and a zoo with exotic animals reportedly fell into disrepair after Jackson was acquitted of child molestation charges in 2005. He has also struggled to pay his debts in recent years, resulting in the financial difficulties with Neverland Ranch.