Michael Jackson saves Neverland home

Michael Jackson has refinanced his Neverland ranch to save it from being auctioned.Jackson had been told that if he failed to pay $25 million (£12.5 million) he owed, it would be auctioned next week.The pop star's lawyer, L Londell McMillan said that Jackson had worked out a "confidential" agreement with Fortress Investment Group LLC.The deal allows him to retain ownership of the property in Los Olivos."Neverland and MJ are fine," said Mr McMillan.The pop star owed more than three months' arrears on the property. If he failed to make the payments, the auction was due to go ahead on March 19.He bought Neverland in 1987 on the premise of creating a fantasy land for children. The pop star built a zoo and fairground on the 2,800 acre property north west of Santa Barbara.The Californian property is named after an island in the story of Peter Pan where children never grow up.Jackson hasn't lived in the property since his acquittal on child molestation charges in 2005.It was closed in 2006 after he failed to pay staff or maintain proper insurance.© Independent Television News Limited 2008. All rights reserved.

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ITN | March 14, 2008

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