*The owners of Michael Jackson’s famous Neverland ranch are reportedly interested in turning the property into a school for teenage musicians.

According to TMZ, Colony Capital wants to transform the 2,800 acre Californian estate into an institute bearing Jackson’s name. The facility would be patterned after prestigious performing arts school Juilliard – which teaches dance, drama and music to undergraduate and graduate students in New York City.

The Neverland school, TMZ reports, would teach talented kids skills across a variety of musical genres.

Before any work can start, Colony Capital needs Santa Barbara County to approve the plan and Michael’s estate must give permission for the King of Pop’s name to be used.

A representative for the estate said: “It’s an interesting idea. And we’d be open to it.”

Jackson bought the property in 1987, with the intention to turn it into a “paradise for children.” After installing a parade of fairground rides and a zoo, which included elephants, snakes, giraffes and llamas, Michael opened up his fairytale home to children.

However, the singer abandoned the fantasy home after being accused of child molestation in 2003. He was acquitted of all charges in 2005.