Jacko Folds, Won't Stop $50 Million Auction

5/18/2007 2:06 PM PDT

Jacko Folds, Won't Stop $50 Million Auction

He stopped. He got enough.

Michael Jackson will no longer fight to keep $50 million worth of his personal stuff off the auction block, telling a Las Vegas judge that he's worked out a confidential agreement with the people looking to sell his personal items.

Reps from an auction company called Universal Express claim they rightfully purchased numerous items from Jacko's former business partner last year. The business partner claims he got the items after a Jackson-related venture declared bankruptcy.

Earlier this week, Jackson filed a preliminary injunction to block the auction, claiming that the items were personal property. In the court documents, Jackson sought unspecified punitive damages.

There are said to be more than 20,000 items in the cache, reportedly including Jackson 5 family costumes, sunglasses, hats and handwritten lyrics. One report even claims that the collection includes sex toys and nude paintings of children as well.