Jackson May Sell Neverland

According to the Associated Press, Michael Jackson and his creditors have reached a "mutual agreement" to postpone the auction of his infamous Neverland Ranch until May. 14.

The 2,500 acre property north of Los Angeles was scheduled to be auctioned off next week after Jackson went in default for the $24.5 million that he still owed on the property.

"That allows us to refinance or sell the property," L. Londell McMillan, Jackson's attorney, said Friday. "We expect to have this matter resolved well before May 14." He also added that Jackson was considering both options of selling or refinancing the property, according to AP.

Jackson purchased the property from William Bone in 1988 and transformed it into a playground for children to visit which featured an amusement park and a zoo.

Jackson has not lived on the property since he was acquitted from charges in 2005 that he molested a 13-year-old child who visited Neverland Ranch.