March 14, 2008 10:31
Michael Jackson to keep Neverland
The star makes a deal with an investment group
Photo Gallery: Michael Jackson
Photo: Pa Photos
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.
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