Michael Jackson Keeps Neverland
March 14, 2008 at 6:57 AM (PT)
MICHAEL JACKSON still has NEVERLAND, having cut an 11th-hour deal THURSDAY to keep it off the auction block. The pop star's attorney, L. LONDELL MCMILLAN, told THE ASSOCIATED PRESS his client has worked out a confidential agreement with FORTRESS INVESTMENT GROUP LLC, allowing him to retain ownership of the estate.
Whether he'll keep it for long, however, remains to be seen. JACKSON is said to be living in various places, including overseas, and his family has said that when dozens of sheriff's deputies raided the place in 2003, they destroyed the fond feelings he once had for NEVERLAND.
Before THURSDAY's deal was announced, the property was scheduled to be auctioned MARCH 19th because JACKSON had gone into default. FINANCIAL TITLE CO. of SAN FRANCISCO said he owed $24.5 million on the former cattle ranch he bought from real estate baron WILLIAM BONE in 1988.