Michael Milken, the Wall Street junk bond king convicted of securities fraud, will serve a prison term at a Northern California minimum-security federal work camp, a published report said Friday.

New York Newsday said court papers indicated that Milken has been assigned to serve his 10-year sentence in a former military barracks at Camp Parks at Pleasanton in the San Francisco area.Prisoners live four in a room at the prison compound, which was converted to a jail only last fall, prison spokeswoman Janice Killian told Newsday.

Milken, who took in more than $650 million in one year, will earn from 11 to 40 cents a day in the work camp.

The prison camp has no gates, and its approximately 84 prisoners are watched over by 11 guards and supervisors. Meals are eaten across the street at a higher-security jail where other prisoners await trial.