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Michael Jackson can keep Neverland ranch

13

March

Tbdneverland031408 If you were hoping to scoop up a deal on Michael Jackson's Neverland ranch next week, too bad: the one-time king of pop has refinanced his way out of trouble.

Jackson attorney L. Londell McMillan told the AP 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, Calif.

"Neverland and MJ are fine," McMillan said. 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.

Jackson hasn't lived there since his acquittal on molestation charges in 2005, which is obvious if you've seen recent photos of the place.

[Photo: AP]

[Last modified: Tuesday, May 25, 2010 9:37am]

    

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