Michael Jackson says ranch foreclosure averted

NEW YORK, May 11 (Reuters) - Entertainer Michael Jackson said on Sunday a foreclosure sale on his Neverland Ranch property in California has been canceled by Colony Capital LLC, which acquired the loan on the ranch from Fortress Investment Group (FIG.N: Quote, Profile, Research) and is negotiating a deal.

Jackson said in a press release that he was "in discussions" over the ranch with Colony and was "pleased with recent developments."

A spokesman for Jackson declined to provide further details. (Reporting by Dane Hamilton; editing by John Wallace)