NEW YORK (CNN/Money) - A planned auction of Michael Jackson's Bentley Limousine, which had been scheduled for Saturday night, has been called off. At least for now.

Auto auction company Barrett-Jackson announced that, in agreement with representatives for Michael Jackson, the auction has been postponed. The car might be made available at the Barrett-Jackson's Palm Beach Auction, scheduled to take place March 18-21.

Michael Jackson's 2001 Bentley Red Label Arnage

Barrett-Jackson is currently hosting a major collector car auction in Scottsdale, Ariz. The sale of the singer's Bentley was supposed to be a centerpiece event.

On Tuesday night, Craig Jackson, president of the auction company and no relation to the Gloved One, made a public plea for someone from the singer's organization to contact the company and tell them what to do with the car.

If Barrett-Jackson did not hear from an authorized representative for the singer by noon Saturday, Craig Jackson told the media, the car would go on the block some time between 6:00 and 7:00 that evening, Scottsdale time.

Music stars' signatures on Bentley's interior

The agreement to postpone the sale was reached last night.

"Our original plan was to auction the car with the proceeds going to a new charitable foundation sponsored by Michael Jackson," said Rondald Konitzer, a business manager for the entertainer. "However, in light of recent events, the necessary preparations for both the car auction and the charitable foundation could not be completed.

The black Bentley Red Label Arnage was used to chauffeur singers to Jackson's Neverland Ranch to record the song "What More Can I Give?" The single, written and composed by Jackson, was recorded to benefit Music for Giving, which provides funds to groups supporting literacy and cultural education for children.

Many of the singers, including Jackson, signed the car's interior. Signatures include those of Tom Petty, Reba McEntire, Beyonce Knowles and Shawn Stockman of Boyz II Men.

More on car collecting • Scottsdale auctions • Collectible cars: $9,999 and under

Inside, the car has two DVD players, a custom Dolby "surround sound" stereo system with a six-disc CD changer, three flat-screen monitors and broadcast television reception. Each seat has individual airplane-style audio and video controls, including headphones and its own PlayStation game system.

The customized interior has wood door panels, gearshift handle and folding seatback picnic tables. The car also has a voice navigation system. The Bentley has a turbo-charged 8-cylinder, 6.7-liter engine and automatic transmission. It has 13,631 original miles on the odometer.

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A Bentley Red Label Arnage is typically valued at about $160,000, according to the Web site Nadaguides.com. Ordinarily, association with a celebrity adds significantly to a car's value, said Auto appraiser Larry Batton of the Auto Appraisal group in Charlottesville, Va., who is in Scottsdale attending the auctions.

The singer's current legal troubles -- he is being criminally prosecuted for child molestation -- could have significantly reduced the car's selling price, Batton said. He estimated that the car might have sold for about $250,000 at the Scottsdale event.