Neverland to be turned into a Graceland style museum, according to reports

Michael Jackson's former residence, Neverland, is set to be turned into a Graceland type museum and attraction, according to E! News.

The Santa Barbara estate was purchased by Thomas Barrack last year when it was close to foreclosure. An Insider told the news service.

"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 residenc