London, July 7 Late Michael Jackson's beloved Neverland ranch is not going to become a grieving mecca for his fans, reveals an insider.

The real estate firm overseeing the 2,700-acre ranch has already received bids from several billionaires, and even turned down a 65million pounds offer to develop the property.

"All the offers are from individual billionaires. Neverland is not going to be sold to a corporation and become a company retreat," The Daily Express quoted a senior executive at Colony Capital as saying.

Colony became Neverland's joint owner with the Jackson estate in 2008, when it bought the 15million pounds debt on the property, for saving the superstar from losing his home.

However, earlier, wealthy neighbours, who include actress Bo Derek and musician David Crosby, have vigorously opposed any development in the area. (ANI)