The man behind the popular Ed Hardy clothing line reportedly paid $90 million (£60 million) for his friend's former home, but he insists he would never have bought a place that only held bad memories for the King of Pop.
Jackson moved out Neverland in 2005 after the estate was raided by investigators looking for clues that would put the singer behind bars for child molestation.
Audigier tells HollyScoop.com, "He didn't like Neverland. He didn't want to go back there... so it's not Neverland at all."
But the fashion king has confirmed he plans to turn the Holmby Hills estate Jackson was renting when he died into a museum: "I have purchased the home Michael passed away in... I want to create a memorabilia and museum.
"So far, I'm buying a big collection of memorabilia and personal objects that he has."
And he reveals Jackson's last home was in a magical neighbourhood: "Nobody knows that two streets past his house was Elvis Presley's house. So two kings lived in the same area."