MSBuild /p:AdditionalLibPaths or /p:ReferencePath not working as expected

In a .net application, I have a "WebSite" which has a reference to a dll defined in a refresh file. log4net.dll.refresh

When compiled with MSBuild, I would like to overwrite that project level setting with a command line for all available dlls in the given source folder.

Below is what i tried and couldn't fig out a way to do it with MSBuild

This worked for a c# console and class library applications but not for a website.

msbuild C:\Testing\TestMSBuild\TestMSBuild.sln /p:ReferencePath="C:\Testing\SharedLib\Stable\"

Please help!!!