Michael Jackson saves his ranch from foreclosure

March 14th, 2008 - 4:03 am ICT by admin  

Los Angeles, March 14 (DPA) Michael Jackson has saved his Neverland ranch from becoming another victim of the US housing crisis. Lawyers for the reclusive former pop star announced Thursday that they had reached a refinancing agreement on the estate to prevent its scheduled sale at a public auction Tuesday.

The auction was set last month after Jackson repeatedly failed to pay interest on the $24.5 million he owes on the property.

The property includes a zoo stocked with exotic animals and more than a dozen amusement park rides. But it has fallen into disrepair since Jackson moved out of the central Californian estate following his acquittal on child molestation charges in 2005.

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