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Private equity firm Colony Capital LLC now co-owns the sprawling estate with the Jackson family after the singer signed it over to them for $35 million in 2008.
Now California assemblyman Mike Davis has suggested declaring Neverland an official state park - an area of land preserved on account of its historic interest, and administered by the Californian government.
If his proposal gets the go-ahead, it could mean Jackson's fans will be free to visit the site.
Davis tells the Associated Press, "Given that we have an economic shortfall... I suspect it would be difficult for the State Parks Department to purchase the property alone... I am committed to finding out all details possible to make this a good proposal."
Last year (09) residents in the nearby Santa Ynez Valley rallied against plans to turn Jackson's former home into a tourist attraction.