A California lawmaker wants to turn Neverland Ranch, the former home of pop music superstar Michael Jackson into a state park.

Assemblyman Mike Davis says that once the state legislature meets again in August he'll push for a study of the possibility for the 2,500-acre Santa Barbara County property.

The King of Pop, who died June 25, 2009, signed over Neverland to the private equity firm Colony Capital LLC in return for $35 million after Jackson almost lost the ranch to foreclosure in 2008. Jackson hadn't lived at the ranch since 2005 -- after his acquittal on child molestation charges -- preferring to live in Bahrain, Ireland and Las Vegas before renting a home in Holmby Hills, Southern California. Neverland is now co-owned by Colony Capital and the Jackson family.

But with California facing a $19 billion deficit, the state is looking to get rid of land, not buy more. Our colleagues at Luxist say California even has a ballot question that would allow a $18 surcharge on vehicle license fees to help support state parks.

But Davis sees Neverland Ranch as an opportunity for a new tourist attraction, telling The Los Angeles Times that "it will absolutely be a destination for many who admire music and the performing arts."

Increase your money and finance knowledge from home

Investing in Real Estate

Learn the basics of investing in real estate.

View Course »

Behavioral Finance

Why do investors make the decisions that they do?

View Course »

Add a Comment

*0 / 3000 Character Maximum