Pop star Michael Jackson has settled a Bahraini prince's lawsuit accusing him of failing to honor a business deal worth $7 million.
"Sheikh Abdullah and Michael Jackson are pleased to confirm that they have amicably settled their dispute which was in litigation before the High Court in London. They wish each other well in their own, respective endeavors," the two sides' legal teams said in a joint statement Monday.
Details of the settlement will remain secret, lawyers for the sheikh said, adding that confidentiality was one of the conditions of the agreement.
The multi-millionaire Bahraini royal had claimed he bailed Jackson out of a financial hole following the singer's expensive acquittal on child molestation charges in 2005, paying the $2.2 million dollar legal fees and hosting him in his home in Bahrain.
The sheikh accused Jackson of reneging on a contract for a new album and an autobiography -- a deal that he says included a $7 million advance.
According to The Associated Press, the 33-year-old said the pair even moved into the same palace in the Gulf state to work on music together. But Jackson dropped the project in 2006, leaving Bahrain and pulling out of the contract.Jackson's lawyers maintained the money was a gift and argued that the musician wasn't bound by the deal because the contract was signed on behalf of 2 Seas Records, a venture which never got off the ground, AP said.