Pop star Michael Jackson has managed to refinance his Neverland ranch, avoiding a public auction of the property that had been scheduled next week.

The Thriller hit-maker's attorney L Londell McMillan has revealed that the pop star has worked out a ‘confidential’ agreement with Fortress Investment Group allowing him to retain ownership of the famed property in California.

"Neverland and MJ are fine," BBC quoted McMillan, as saying.

The property was scheduled to be auctioned on March 19 after Jackson failed to pay 25 million pounds he owed on the 2,800-acre spread northwest of Santa Barbara.

The singer has not lived at the property since his acquittal on child molestation charges in 2005.