A scheduled auction of The King of Pop’s possessions was called off Tuesday after Michael Jackson and Julien’s Auction House reached a settlement to their dispute over whether 2,000 items from Neverland Ranch were ever intended for sale, reports Variety. Specific terms of the settlement were not disclosed. 

A judge blocked one effort by MJJ Productions to cancel the auction earlier this month, and another was scheduled to hear arguments Wednesday for an injunction.

“There was so much interest from so many of Jackson’s fans that instead of putting the items in the hands of private collectors, Dr. Tohme and Julien’s Auction House have made arrangements that will allow the collection to be shared with and enjoyed by Jackson’s fans for many years to come.” read a joint statement from Jackson spokesman Dr. Tohme R. Tohme and auction organizer Darren Julien.

Jackson’s production company, MJJ Productions, sued Julien in early March, seeking to halt the sale by arguing that Jackson hadn’t authorized it. Julien maintained that the auction house was contracted by Jackson’s production company to take all of the items from Neverland with the intention of selling them all beginning April 22, 2009.

“I believe both sides are pleased with the resolution.” Julien said Tuesday by telephone. Julien has said he spent $2 million organizing the sale, which another auctioneer estimated could have fetched $12 million.

The exhibition in Beverly Hills costs $20 to attend, and auction catalogues — a $50 single volume and $200, five-volume boxed set — were still selling, Julien said.

The statement also said MJJ Productions and Julien’s Auction House would be making a “substantial” donation to MusiCares to benefit artists in need.

It seems that the common man isn’t the only one effected by these trying financial times. The King of Pop seems to have been affected as well. A huge public auction is being held this April, where over 2,000 of Michael Jackson’s personal belongings will go up for auction.

The event is to be held over the course of five days at the Beverly Hilton Hotel in Los Angeles. Michael Jackson himself was key in organizing the exhibition. The world renowned entertainer hopes to raise millions of dollars to improve his current financial woes.

The vast auction has filled a six-volume book detailing every lot and US TV channel the Auction Network are set to broadcast the auction live both on national TV and the internet.

Items on sale include the gates to his Neverland Ranch, a touring coach, a signed oil-painting of Jackson dressed as a king, a golf cart featuring the singer depicted as Peter Pan, Jackson’s sequinned jacket he wore for the 1984 Hollywood Walk of Fame star ceremony, a set of his signature Swarovski crystal gloves (including the iconic white glove from his Billie Jean video) and a robotic Michael Jackson head from his 1988 film Moonwalker.