Michael Jackson, the pop star the tabloids know as Wacko Jacko, dropped a court bid to block the auction of personal belongings and memorabilia that includes his gold record for the "Thriller" album and the handwritten lyrics for the 1970 hit "ABC."
His attorneys went to court in Las Vegas on Friday to tell the judge that a confidential agreement had been reached with the other parties staking claim to a warehouse full of Jackson memorabilia, clearing the way for an auction at the Hard Rock Hotel on May 30-31.
Lawyers declined to describe terms of the agreement, but said some auction proceeds would go to charity.
A Boca Raton, Fla., company that owns the items estimates the stuff is worth $50 million, according to court records.
Among more than 1,100 items included in the auction catalog are Jackson's platinum award for the single "Rock With You" and his black silk jacket with gold sequined epaulets.
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