ET confirms that MICHAEL JACKSON's Neverland Ranch is on the auction block as of March 19 -- unless the King of Pop can pay off $24,525,906.61 in debt on the property.

The "Thriller" singer learned from Financial Title Company on Monday that foreclosure proceedings are slated to go forward with a public auction on that date in front of the Santa Barbara County Courthouse at 1 p.m. PST. And FOX News reports that the winning bidder will get everything Neverland has to offer (barring Jackson's personal items), including furniture, fixtures, appliances and "all merry-go-round-type devices."