The answer to the question is NO!

Did He Tell The Truth About Anything?!?
Actress Tatum O’Neal (Little Darlings) has denied that she tried to seduce Jackson as he described in Living With Michael Jackson documentary. O’Neal, 39, says that she did not share sweet nothings with the pop singer, nor did she try to lure him into the sack.
O’Neal told NBC News, “Michael did come over to my house when my father was home, but at 12 years old, there was no way I was capable of being as mature or as sophisticated as he claimed I was.”
Like Jackson, O’Neal spent her childhood in the limelight. She was 10 years old when she starred opposite her father Ryan O’Neal in her first movie, Paper Moon. She won a best supporting actress Oscar for the role. By the time she was 17, her credits included The Bad News Bears, Nickelodeon, and teenage laffer Little Darlings.