Michael Jackson to keep Neverland
The star makes a deal with an investment group
Michael Jackson is to keep control of his Neverland estate in California.
As previously reported,
the self-styled \"king of pop\" was set to have his estate auctioned on March 19 due to unpaid arrears of $25m.
However, Jackson’s lawyer said the singer had worked out a "confidential" agreement with Fortress Investment Group, a private investment organisation.
Speaking to BBC News, a family friend, Matt Fiddes, said: “I know for a fact that he wasn’t going to lose it. It’s quite normal for anyone who’s a success to have a mortgage on their property, because they can get better rates for their money.”
Jackson hasn’t lived in Neverland since 2005, when he was acquitted on charges of child molestation.
As previously reported,
the self-styled \"king of pop\" was set to have his estate auctioned on March 19 due to unpaid arrears of $25m.
However, Jackson’s lawyer said the singer had worked out a "confidential" agreement with Fortress Investment Group, a private investment organisation.
Speaking to BBC News, a family friend, Matt Fiddes, said: “I know for a fact that he wasn’t going to lose it. It’s quite normal for anyone who’s a success to have a mortgage on their property, because they can get better rates for their money.”
Jackson hasn’t lived in Neverland since 2005, when he was acquitted on charges of child molestation.
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