Washington (eCanadaNow) - According to reports, Michael Jackson has avoided losing his home, Neverland Ranch.

Jackson was able to avoid a foreclosure auction of his Neverland Ranch after an investment company bought out the loan on the property.

The loan was purchased by Colony Capital LLC.  This allows Jackson the ability to keep the 2,500-acre ranch.

The auction, according to Colony, has now been cancelled.

In a statement from a Jackson spokesman, the pop star was "pleased with recent developments involving Neverland, which would allow him to focus on the future."

Neverland is a very famous place, which includes a roller coaster, arcades, a zoo, ferris wheel, and more.

Jackson bought Neverland back in 1988 for $28 million.