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Last updated: Friday, March 14, 2008
Michael Jackson has managed to save his Neverland ranch from being auctioned.
The 'Thriller' singer - whose 2,800 acre Californian estate was due to go under the hammer on March 19 unless he could raise a staggering $24.5 million - worked out a deal with Fortress Investment Group LLC to refinance the property.
Jackson's lawyer L. Londell McMillan said: "They've sorted out a confidential agreement. Neverland and Michael Jackson are fine."
Fortress Investments originally loaned Jackson $300 million to pay off his debts and threatened to sell the property through a Santa Barbara real estate broker if it wasn't sold at auction.
Jackson hasn't lived at the Neverland ranch since June 2005, when he moved to Bahrain.
Source: Female First
Michael Jackson has managed to save his Neverland ranch from being auctioned.
The 'Thriller' singer - whose 2,800 acre Californian estate was due to go under the hammer on March 19 unless he could raise a staggering $24.5 million - worked out a deal with Fortress Investment Group LLC to refinance the property.
Jackson's lawyer L. Londell McMillan said: "They've sorted out a confidential agreement. Neverland and Michael Jackson are fine."
Fortress Investments originally loaned Jackson $300 million to pay off his debts and threatened to sell the property through a Santa Barbara real estate broker if it wasn't sold at auction.
Jackson hasn't lived at the Neverland ranch since June 2005, when he moved to Bahrain.
Source: Female First
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