Jackson Will Keep Neverland Ranch

Reuters reports that Michael Jackson has refinanced Neverland ranch in time to save his former California home 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.

Matt Fiddes, a family friend of Mr. Jackson and his brothers, said the problem had been exaggerated by "tabloid gossip."

"I know for a fact that he wasn't going to lose it," he told the BBC News Web site.

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.