Michael Jackson's Neverland Ranch saved

Fallen superstar Michael Jackson has managed to save his beloved Neverland Ranch after a private equity firm bought out his loan on the property.

Los Angeles based firm Colony snapped up the $23.5 debt for the 'Thriller' hitmaker, the 49-year-old confirmed in a statement.

"I am pleased with recent developments involving Neverland Ranch and 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", he said.

Jacko has been struggling with mounting debt on the 2,900-acre ranch and faced losing it in an auction on May 9, called off only days before.

Jackson moved out of Neverland and vowed to never return after he was accused -- and cleared -- of child abuse allegations. He said the ranch brought back too many bad memories for him to continue living there.

In its heyday, Neverland was abuzz with life -- and attractions such a zoo and a fairground on its extensive grounds. But now the majority of the estate has shut down, most of the animals are gone, and a lone guard monitors the gated driveway.