Michael Jackson to Keep Neverland Ranch

Los Olivos, Calif. -- Michael Jackson's lawyer said the pop star has worked out a refinancing deal to keep his Neverland Ranch in Los Olivos, Calif.

The 2,800-acre spread was once Jackson's home and boasted a private zoo and amusement park.

It reportedly was scheduled to be auctioned off next Wednesday at the Santa Barbara courthouse after Jackson defaulted on his $24.5 million mortgage.

However, the singer's attorney L. Londell McMillan told the New York Post Jackson has worked out a "confidential" refinancing agreement with Fortress Investment Group so he can retain ownership.

Jackson and his family haven't lived at the Neverland Ranch since 2005.

Copyright 2008 by United Press International.