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In April, Michael Jackson is scheduled to auction off more than 2,000 personal belongings from his debt-ridden Neverland Ranch estate at the Julien's Auctions sale in Beverly Hills.
Investors at the Sycamore Valley Ranch Co., a joint venture between Jackson and an affiliate of Colony Capital LLC, agreed to take over the singer's $24.5 million debt on the property after he couldn't keep up the $3 million-per-year operating costs and was forced to sell.
Items on the auction block include a glittering white glove covered in Swarovski crystals that Jackson wore for a stage performance of Billie Jean - estimated to sell for as much as $15,000; and the gates to the 120-acre ranch, which are expected to go for at least $20,000. Jackson's 1999 Rolls-Royce Silver Seraph limo, decorated in 24-karat gold, is expected to fetch another $140,000.
Julien's Auctions president Darren Julien tells the New York Post, "Michael Jackson was a collector of everything. We've never seen a collection that is as extensive and eccentric as his."
Jackson plans to donate a portion of the proceeds from the auction to MusiCares, a charity which aims to help musicians in need.
A preview of the auction items will be held from March 24 to 29 at the Hard Rock Cafe in New York's Times Square. The sale itself will take place from April 22 to 25 and will be broadcast on television.
