A massive auction of thousands of pieces of memorabilia by pop icon Michael Jackson has been cancelled, with auctioneers agreeing to return all the items to the “Beat It” singer.

Due to be held on Wednesday 22 – Saturday 25 April and expected to raise over AUS$14 million, over 1,400 items have been recalled due to a lawsuit filed by the 50-year-old singer back in March, who demanded the return of several items.

“We wanted to reach an agreement [with Jackson] and we have reached one today that is mutually acceptable and beneficial,” said auctioneer Dareen Julien, revealing his company had already spent over $2.8 million on preparing the items for sale. They’re currently on display in Beverley Hills, CA.

The exhibit includes a red, gilded throne, a Rolls-Royce stretch limo, sequined costumes, portraits, pictures of Peter Pan and toys from the Neverland Ranch. Jackson’s famous glittered glove is one item being returned to the singer. Jackson’s spokesman, Tohme R Tohme, said in a joint statement with Julien that the two groups “are pleased” with the agreement, adding that it “allows Michael Jackson to retain ownership of the ‘Collection of Michael Jackson’.”

“There was so much interest from so many of Jackson’s fans ... Dr Tohme and Julien’s Auction House have made arrangements that will allow the collection to be shared with and enjoyed by Jackson’s fans for many years to come.”