LOS OLIVOS, Calif. (UPI) -- Pop star Michael Jackson may not lose his Neverland Ranch to foreclosure if he can secure a new loan for the Los Olivos, Calif., property.

The 2,800-acre spread was once Jackson's home and boasted a private zoo and amusement park.

It reportedly is set to be auctioned off March 19 at the Santa Barbara courthouse if Jackson doesn't pay the millions of dollars he owes on it.

"Michael Jackson's ranch is not going to be auctioned off at the courthouse," a source told CNN. "The financing is all being worked out. There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans."

Jackson has not lived at Neverland since June 2005, CNN said.