NEW YORK, Mar. 13, 2008

Sell The Ranch? Never, Says Jackson

The King Of Pop's Lawyer Seals The Deal To Save Neverland Ranch From Auction

  • U.S. pop star Michael Jackson flashes a V-sign to Japanese media on his arrival at Narita international airport, near Tokyo, March 4, 2007.

    U.S. pop star Michael Jackson flashes a V-sign to Japanese media on his arrival at Narita international airport, near Tokyo, March 4, 2007.  (AP Photo/Itsuo Inouye)

  • Photo Essay Jackson In Japan

    The reclusive King of Pop picks up an MTV award in Tokyo

(AP)  Michael Jackson has refinanced his Neverland Ranch in time to save it from a public auction that was scheduled for later this month.

Jackson attorney L. Londell McMillan told The Associated Press on Thursday that the pop star has worked out a "confidential" agreement with Fortress Investment Group, LLC. The deal allows him to retain ownership of the famed property in Los Olivos.

"Neverland and MJ are fine," McMillan said.


Photos: Jackson Family Auction
An auction date had been set for March 19 because of $24.5 million the singer owed on the 2,500-acre spread northwest of Santa Barbara.

A source close to the singer who requested anonymity because of the sensitivity of the matter said it's not clear whether Jackson will keep Neverland. Jackson has not lived there since his acquittal on child molestation charges in 2005.



Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Share:
  • Share
  • Yahoo! Buzz
  • Mixx
  • MOST POPULAR
Discussed
  1. Tempers Flare In Climate Change Flap

    (639 recent comments)

Latest News
News in Pictures
Scroll Left Scroll Right
Connect with CBS News

Stay connected with the CBS News using your favorite social networks and online news applications: