Michael Jackson reaches agreement to retain Neverland

Los Olivos: Former King of Pop, Michael Jackson, has reached an 11th-hour deal to refinance his troubled Neverland Ranch, his lawyer said, avoiding a public auction of the property that was scheduled next week.

L. Londell McMillan, Jackson's attorney said that the former star has worked out a "confidential" agreement with Fortress Investment Group LLC allowing him to retain ownership of the famed property in Los Olivos, California.

"Neverland and MJ are fine," McMillan said.

The property was scheduled to be auctioned March 19 after Jackson went into default on the $24.5 million he owes on the 2,500-acre (1,000-hectare) spread in the rolling hills of central California's wine country.