The gaggle of high priced lawyers for Michael Jackson announced Friday they’re dropping their efforts to stop an auction of the King of Pop’s personal belongings and other Jackson family relics, including the gold record Jackson earned for his best-selling album “Thriller”. Jackson lost a collection of personal items when a business went bankrupt, and they were subsequently bought up by the luggage transport company Universal Express Inc.

Items have been valued around $50 million, according to court records, but Jackson’s suit asked for additional punitive damages since he’s so inherently fragile.

Wacko Jacko didn’t appear in court himself, but lawyers said a confidential settlement had been reached. Arlan Ettinger, president of the New York auction house said the auction will proceed as scheduled, but Jackson’s reps said “very little” of the singer’s personal belongings will be sold.

More than a thousand items are up for auction including the platinum record for the single “Rock With You,” his black sequined jacket, and the handwritten lyrics for The Jackson Five hit “ABC”. Jackson, 48, is back from self imposed exile in the Middle East, and is now living in Las Vegas where he’s considering a career comeback, which would be a great underdog story for the acquitted child molester.

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