New York, April 15 : The sale of Michael Jackson memorabilia has finally been cancelled, hours after an extensive collection of the pop star's belongings went on view for a public auction.

Julien's Auctions and Jackson made an announcement in this regard on Tuesday.

According to reports, the auctioneer is ready to return the property to Jackson.

Jackson hired the auctioneer last year to sell the contents of Neverland Valley Ranch, his former estate northwest of Los Angeles.

Following their agreement, the company put together an auction of more than 1,000 items.

However, Jackson's company MJJ Productions filed a suit to prevent the auction last month, insisting that the singer had not been given a chance to review the items beforehand.

Although the terms of the agreement were not revealed, a joint statement issued by MJJ Productions and Julien's said that the exhibition would remain up until April 25.

"From an artistic standpoint we are very disappointed. It's just kind of a relief for us, because it's a resolution. Litigation is not fun for anybody," the New York Times quoted Darren Julien, president of Julien's, as saying.

Julien's and Jackson's spokesman Tohme R. Tohme, also the president of MJJ Productions, said that they had "made arrangements that will allow the collection to be shared with and enjoyed by Jackson's fans for many years to come."

The auction house were hoping that there would be a large turnout for the sale, and had invested 2 million dollars for all preparations.

However, when the exhibition opened on Tuesday morning, only a few dozen fans and passers-by were went to see the items.

Some even said that they were uncomfortable viewing Jackson's personal items knowing that he did not want their sale to proceed.

"I feel horrible that this is even here. I'm a vulture for looking at this stuff that he doesn't want on display," said one Abby Marie, who dreamt of dating Jackson as a young girl. (ANI)