Michael Jackson will avoid foreclosure on his Neverland Ranch property with a new loan, a Jackson insider told CNN Wednesday. Documents show that Neverland Ranch in Los Olivos, California, is scheduled for a public auction on March 19 at Santa Barbara’s downtown courthouse. But the Jackson source said that won’t happen.

“Michael Jackson’s ranch is not going to be auctioned off at the courthouse,” the Jackson insider said. “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,” the source said.

CNN