Neverland to become next Graceland?

The investors who bought Michael Jackson's Neverland Ranch are reportedly considering opening it up to the public as a museum, it has been reported.

The loan for the late popstar's Santa Barbara estate was purchased by Thomas Barrack last year when it was close to foreclosure. A source told E! that there are plans to turn the property into an homage to the King Of Pop - much like Elvis Presley's former Memphis home, known as Graceland.

"Michael had been having financial troubles for years. The loan bought on his ranch was essentially just a hefty favour for the singer," the insider said. "Despite some of the bad memories that happened at Neverland, Michael just couldn't part with the ranch.

"He loved it. He had every intention of buying it back with the money earned over in England [during the O2 residency]."

A financial consultant associated with Jackson added that it could be opened up as a public memorial to the late singer.

"They'll probably make even more money. As of now, the most likely plan is to transform Neverland into a Graceland-type arrangement."