The Santa Barbara County, Calif., foreclosure auction that is set for this Wednesday will not include the 2,500-acre Michael Jackson mansion, according to the Los Angeles Times.

No financial details were revealed at this time; however the article mentions that an investment company called Colony Capital LLC purchased the defaulted loan. Jackson owed the lender $24.5 million, which he was either unwilling to or incapable of paying to remain the rightful homeowner.

Here’s what he had to say about the eleventh-hour development:

“… pleased with recent developments involving Neverland Ranch … that would allow me to focus on the future.”

The report indicates that Jackson “still gets to keep Neverland Ranch,” which perhaps means that he was able to strike a deal with Colony Capitol to purchase the loan on his behalf.

No one currently resides in the mansion nor is it clear what its future holds. Stay tuned for more details.