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March 14, 2008
Michael Jackson in financial hot water
Michael Jackson has refinanced Neverland ranch in time to save his famed California spread from a public auction that was scheduled for later this month.
Jackson's 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, 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.
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.
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