The plan to convert the property is being rallied by California Assemblyman Mike Davis and the state's NAACP. Davis firmly believes that the Santa Barbara County estate would draw millions of visitors from around the world. California's NAACP President Alice Huffman, who is also on the board of the state's parks commission, says, "I think Michael's history is world history, and I think it would become the No. 1 attraction for the state parks if we could pull it off."

Huffman also thinks that in addition to celebrating Jackson's musical and cultural contributions, Neverland could join the ranks of state parks, which would honor African Americans, like Colonel Allensworth State Historic Park in Earlimart, Calif.

Jackson lived at Neverland from 1988 to 2005. The property was named after the fantasy island in the Peter Pan tale. When the King of Pop lived at the estate, he had an amusement park built, a zoo, two railroads, numerous statues of children, a floral clock and a 10,000-volume library.

In 2005, after sexual misconduct claims were investigated by authorities, Jackson said he could no longer reside at the compound because it held bad memories for him, so he moved out. In 2008, Colony Capital LLC, a Santa Barbara-based private equity firm, took control of the estate for $35 million, after it nearly went into foreclosure. The vast property is now co-owned by the Jackson family and Colony Capital.

California is facing a deficit of $19 billion. Last year, California Gov. Arnold Schwarzenegger toyed with the idea of possibly selling off landmark buildings to help with the state's staggering debt, but the proposal was squashed. 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," he said. The assemblyman plans on proposing a public-private partnership. "I am committed to finding out all the details possible to make this a good proposal."