Jackson "will not lose Neverland Ranch"

Michael Jackson is not in danger of losing his Neverland Ranch, his spokeswoman has claimed.

It was recently reported that he would forfeit the California property within 90 days if he failed to repay a $23 million loan.

But Raymone K. Bain dismissed the claims, insisting that Jackson had refinanced the loan in 2006 and is in the process of doing so again. She said in a statement: "[He] is in the final stages of refinance and will not lose Neverland Valley Ranch."

A notice from a San Francisco firm, Alliance Default Services, had indicated that the property could be in jeopardy because the singer allegedly still owes $23,212,963.

Jackson's California home is currently unoccupied while he rents a property in Washington DC.

He earlier revealed that he will stop making music when he grows old so he can enjoy the last years of his life.