Posted: Fri., Mar. 14, 2008, 1:20pm PT

Jackson averts Neverland auction

Singer strikes confidential deal to keep property

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What mortgage crisis?

While thousands of American families face foreclosure in an upended real estate market, Michael Jackson has managed to avert a public auction of his Neverland Ranch after he defaulted on the $24.5 million owed on the 2,500-acre estate.

A confidential deal will allow the King of Pop to retain ownership of the property.

Not that Jacko was in danger of becoming homeless. He hasn't lived at the Los Olivos, Calif., estate since 2005, when he relocated to the Mideast kingdom of Bahrain.