Michael Jackson will keep Neverland Ranch
The pop star's lawyer says deal struck to stop Neverland auction
From the Associated Press
March 13, 2008
LOS OLIVOS, Calif. (AP) -- Michael Jackson reached an 11th-hour deal to refinance his troubled Neverland Ranch, his lawyer said Thursday, avoiding a public auction of the property that had been scheduled next week.

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

"Neverland and MJ are fine," McMillan said.

A representative for Fortress did not immediately return a call for comment.

The property was scheduled to be auctioned March 19 after Jackson went into default on the $24.5 million he owes on the 2,500-acre spread in the rolling hills of central California's wine country.

A representative of Financial Title Co. of San Francisco, which filed the default notice, did not immediately return a call for comment.

A source close to Jackson, who requested anonymity because of the sensitivity of the matter, said it's not clear whether the entertainer will keep Neverland.