Fox411 columnist Roger Friedman is reporting that the public auction of Michael Jackson's Neverland Ranch has been canceled – just five days before it was set to go to the highest bidder.

"No word yet on what's happened, although the likelihood is that Jackson has reached a refinancing agreement with Fortress Investments, the loan holder," wrote Friedman over the weekend. "They currently hold a $23.5 million note on the property."

Friedman says Jackson's camp has been "working with a number of friends including financier Ron Burkle, who's lent his support but not his money in trying to help Jackson out of this predicament."

The auction was previously scheduled to take place on May 14 on the steps of the Santa Barbara County Courthouse.