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Michael Jackson has managed to save his Neverland ranch from being
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
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
In 2006, authorities ordered the property to be boarded up after it was
revealed Michael had not paid his employees or kept up with insurance
The eccentric pop star bought the property in 1987, intending to turn it
into a "paradise for children".
After installing a parade of fairground rides and a zoo, which included
elephants, snakes, giraffes and llamas, Michael opened up his fairytale home
Jackson was acquitted of sexual molestation in a harrowing court drama in
This would have been a perfect habitat for the Brangelina gang.