I have seen a clip from an interview (twice, actually, since there is apparently no other news worth reporting this week) on the Today Show where MJ mentions "crocodiles" while talking about his animal collection.

I found a few articles, including this one that mention a single crocodile.

"At that time, the Neverland Ranch was ordered closed, and the employees had been asked to leave. Michael Jackson was ordered to pay the fines and pay the employees their back wages before 2,600 acre (1,100 hectare) Neverland Ranch estate could be re-opened to the public. As the ranch is home to such exotic animals as tigers, a crocodile, giraffes, snakes and even orangutans, local animal welfare officials had been caring for the animals."

Full article below

And another citing the New York Post that claims guards tossed live rabbits into a "crocodile pit" at Neverland.

http://popdirt.com/were-michael-jacksons-neverland-pets-a-lure-for-kids/45734/

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Jackson Closes Neverland Ranch