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By WENN

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Michael Jackson has axed plans to sell his Neverland Ranch, and opted to get rid of his collection of zoo animals instead.

The pop superstar is desperately attempting to raise money to pay back massive loans, and was thought to be ready to offload the Santa Barbara, California ranch he hasn't lived in since he was acquitted of child molestation last year.

But Santa Barbara magazine alleges he is ditching his menagerie of animals instead.

A source tells the magazine, "Jackson's elephant sold to a big wheel (circus) near Los Angeles. It's also true that Jackson has four giraffes up for sale. His asking price: $35,000 a pair."

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