Michael Jackson has reached a confidential agreement with Fortress Investment Group to retain ownership of his 2,500-acre Neverland ranch in Los Olivos, Calif., northwest of Santa Barbara, according to reports.
The public auction of the 2,500-acre property was been scheduled for next week Wednesday since the singer failed to pay $24.5 million he owed on the property, the Associated Press reported.
The auction has now been postponed until May 14 by mutual agreement of Jackson and his creditors, said Julie Wagner of Financial Title Co. of San Francisco, the firm that filed the default papers.
The ranch has more than a dozen amusement park rides, including a merry-go-round, Ferris wheel and roller coaster and installed a zoo complete with flamingos, giraffes, elephants and orangutans.
Mr. Jackson has not lived on the ranch since he was acquitted of child molestation charges in 2005.