Michael Jackson saves Neverland Ranch from public auction

Michael Jackson's Neverland Ranch will NOT be auctioned off - after the pop star refinanced the property just days before it was due to go under the hammer.

Jacko has saved his famed mansion from a public auction that was scheduled for March 19 by working out a 'confidential agreement' with his mortage company. The star owed a staggering $24.5 million on the property.

Jackson attorney L. Londell McMillan confirmed that the Thriller star had worked out a deal with Fortress Investment Group, LLC.

The deal allows him to retain ownership of the famed property in Los Olivos, Calif.

"Neverland and MJ are fine," McMillan said.

An auction date had been set for March 19 because of $24.5 million the singer owed on the 2,500-acre spread northwest of Santa Barbara.

Jacko finally paid the taxes on his Neverland ranch earlier this month - but was still in danger of losing the property to foreclosure over the multi-million dollar home.

The former King of Pop coughed up a staggering $600,000 in property taxes on Neverland. But then it was revealed that he still owed a staggering $24,525,906.60 on the property.

And just two weeks ago the Financial Title Company, the trustee of Neverland, have said unless he paid up Neverland would be put up on the auction block.

Jacko had until March 19 to settle his monstrous debt otherwise it would have been put up for sale on the steps of the Santa Barbara County Courthouse.

The Santa Barbara County Recorder website confirmed that a "Notice of Trustees Sale" was filed by Financial Title Company.

And it wasn't just the house that would've been put up for sale if Jacko hadn't refinanced - it would've been everything on Neverland's grounds.

That meant all of Jacko's personal property that were still inside the house, appliances, fixtures, rides, games and all 'merry go round type devices' in the grounds which includes a carousel, pirate ship, train station, bumper cars and ferris wheel. The report said everything that wasn't nailed down must go.

Just four weeks ago the singer finally paid the taxes on the all-but abandoned property.

According to records in Santa Barbara County, Jackson finally satisfied a state tax lien on the all-but-abandoned Neverland.

The total, according to the assessor's office, came to just over $600,000, including penalties and fees.

However, the payment didn't cover the $23 million for which Jacko was in default on loans he had taken out against Neverland since last April.

Jacko, 49, moved out of Neverland and vowed to never return after he was accused - and cleared - of child abuse allegations. He said the ranch brought back too many bad memories for him to continue living there.

In its heyday, Neverland was abuzz with life - and attractions such a zoo and a fairground on its extensive grounds. But now the majority of the estate has shut down, most of the animals are gone, and a lone guard monitors the gated driveway.

The foreclosure notice was not the only financial problems facing Michael Jackson. The star still faces a $7 million lawsuit from Prince Abdullah of Bahrain after he allegedly reneged on a recording contract, but kept the upfront money.

But it is hard to believe that Jacko is struggling for cash. The singer owns a 50 percent stake in Sony/ATV Music Publishing, including the Beatles catalog, which has an estimated value of $600 million.

If Jacko were to declare bankruptcy, however, that stake would be liquidated and auctioned to the highest bidder.