Pop star Michael Jackson averted foreclosure of his Neverland Ranch because Colony Capital LLC bought the loan on the property.

Colony, the Los Angeles-based private equity firm headed by Thomas Barrack, purchased the loan from Fortress Investment Group LLC and is in discussions with Jackson, according to a statement on Business Wire and verified by spokesman B. Michael.

The loan on the 2,900-acre ranch is about $23.5 million. The property was scheduled to be auctioned off this Wednesday but was canceled on Friday, Fox News reported that day.