Michael Jackson’s Neverland ranch is set to be turned into a Graceland

Michael Jackson’s Neverland Ranch looks set to be turned into a ‘Graceland’, it has been revealed.

Jacko bought the estate in 1988 and transformed it into an amusement park and zoo.

But in recent years it has become a shadow of its former glory, falling into disrepair as Jacko moved out and owed more than US$25 million on the mortgage land.

But now it appears the family are set to bury the pop star at Neverland in Los Olivos. And then turn it into a shrine where fans can go and pay their respects.

According to reports, the proposal came from Tohme Tohme, Jackson’s former manager, the non-doctor and special ambassador to Senegal.

Tohme works with Colony Capital LLC, the firm that now holds the mortgage note on Neverland.

Their idea is to turn Neverland into Graceland, with Jackson’s grave the central attraction.

However, while Jacko’s family are open to the idea of having a tribute to Jacko, the city of Los Olivos may not be so keen.

Permits are required to be able to bury Jacko on the property and the town of Los Olivos was sounded out about a Graceland idea a long time ago and rejected it.

Neverland is on a two-lane country road across from a school way in the hills along the Santa Ynez Valley and the locals feel it’s not equipped for that kind of traffic.

Hollywood Reporter columnist Roger Friedman revealed: “The Graceland plan is being pushed by Colony and Tohme, as Tohme agitates for it within a split and confused family.

“Much discussion is going on right now, especially among Michael’s brothers, about ways to maximize his estate – in other words make money.”