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Article: Deal struck to stop Neverland auction
- Article from:
- Oakland Tribune
- Article date:
- March 14, 2008
- Author:
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Copyright informationCopyright 2008 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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MICHAEL JACKSON reached an eleventh-hour deal to refinance his
troubled Neverland Ranch, his lawyer said Thursday, avoiding a
public auction of the property that had been scheduled next week.
Jackson attorney L. Londell McMillan said the pop star has worked
out a "confidential" agreement with Fortress Investment Group LLC
allowing him to retain ownership of the famed property in Los
Olivos.
"Neverland and MJ are fine," McMillan said.
A representative for Fortress did not immediately return a call
for comment.
The property was scheduled to be auctioned Wednesday after
Jackson went into default on the $24.5 million he owes on the 2,500-
acre spread in the rolling hills of central ...
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