The son of the president of oil-rich Equatorial Guinea has agreed to sell $30m worth of assets, including a Malibu mansion, a Ferrari and part of his collection of Michael Jackson memorabilia, to settle an anti-corruption case. In what is the first case of its kind in the US targeting the family of a sitting head of state, the US Department of Justice late on Friday announced a deal with Teodoro Nguema Obiang, eldest son of Teodoro Obiang, who has ruled Equatorial Guinea since he seized power 35 years ago in a bloody coup d'état. While the settlement is half what the US initially sought, the details are highly embarrassing for the president and his son, known as Teodorín and his country's vice-president. In a statement Leslie Caldwell, US assistant attorney-general, outlined the "relentless embezzlement and extortion" that allowed Teodorín to "shamelessly" loot his country to "support his lavish lifestyle". "After raking in millions in bribes and kickbacks, Nguema Obiang embarked on a corruption-fuelled spending spree in the US," she said.