Michael Jackson Will Keep Neverland Ranch … For Now
It came down to the wire, but Michael Jackson has avoided losing his beloved Neverland Ranch. The King of Pop has refinanced the 2,500-acre property in time to save his California estate from hitting the auction block. Jackson owed more than $24 million on the Santa Barbara County property, and was given less than three weeks to cough up the dough.
Financial Title Co. filed the notice of trustee's sale with Santa Barbara County Superior Court in February, setting the auction date for March 19.
According to Jackson's attorney L. Londell McMillan, the pop star has worked out a "confidential" agreement with Fortress Investment Group, LLC, that allows him to retain ownership of Neverland. Read the full story.