Michael Jackson's former skin doctor Arnold Klein has avoided arrest by giving up his prized art collection and surrendering his flashy sports car as part of his bankruptcy proceedings.

The physician, who treated the tragic Thriller hitmaker in the months leading up to his 2009 death, officially declared himself broke in 2011, but he was accused of failing to hand over more than 100 pieces of art, including works by Andy Warhol, David Hockney and Roy Lichtenstein, to the trustee presiding over his case.

He also allegedly disobeyed a court order ordering him to hand over the keys to his 2001 Ferrari Spider, prompting a judge a to issue a warrant for his arrest last week (21Feb13).

U.S. Marshals turned up on Klein's doorstep in Palm Springs, California on Tuesday morning (25Feb13) to take him into custody, but the panicked doctor immediately told authorities exactly where he was stashing the missing valuables - and he was rewarded for his co-operation by being allowed to stay out of jail, according to Tmz.com.

If the information proves to be true, the arrest warrant for Klein will be officially recalled.