Michael Jackson managed to reach a refinancing deal and saved his famous Neverland, the 2,800-acre ranch in Los Olivos, Calif. that he had for two decades. The canceled public auction was to take place on March 19 because of mounting debt totaling nearly $25 million.

"Neverland and MJ are fine," Jackson attorney L. Londell McMillan told The Associated Press on Thursday. McMillan said Jackson worked out a "confidential" agreement with Fortress Investment Group, LLC. to keep his property.

The 49-year-old singer has owned Neverland since 1988; the name is inspired from J. M. Barrie’s Peter Pan stories, which tell of a magical island where children never grow up. The property includes a zoo and amusement park, complete with merry-go-round and other carnival rides, as well as statues of Peter Pan characters.

The King of Pop has spent little time at Neverland over the past couple of years, ever since his acquittal in 2005 on charges of child molestation. Reuters reports that there have been problems with the ranch before, specifically in 2006, when state authorities ordered the property shuttered and fined Jackson for failing to pay his employees or maintain proper insurance.

The father of three is reportedly trying to make a comeback in the music industry. Earlier this month, Sony-BMG released a special extended edition of the historical 1982 album “Thriller,” celebrating its 25th anniversary. The anniversary edition sold units 166,000 during its first week, Billboard.com reported, placing No. 1 on the Top Pop Catalog Albums chart. It featured all the original tracks, revamped by the likes of Akon, Kanye West, Fergie and will.i.am.