London, June 28 Neverland, the fantasy home that almost destroyed Michael Jackson, is to be turned into a theme park and shrine to the singer, it has emerged.

The 80million-pound, 2,800-acre ranch, now owned by Capital Colony LLC, could be opened for public as early as next year, reports The Daily Express.

Chief executive Tom Barrack, 61, who became a friend of Jackson after the star signed over the title deed in May, 2008, became instrumental in bringing about the King of Pop's planned 50 comeback gigs at London's O2 Arena.

A spokesman for Barrack said: "He is at a loss for words. Michael's death is an absolute tragedy."

Sources at Capital said Neverland will only be sold to a private buyer who will keep Michael Jackson's name alive.

However, one insider added: "It may not be sold at all. Tom might simply seek backers or partners to re-open it as a tourist attraction bearing Michael's name."

The legend, who passed away on Thursday at the age of 50, bought the property in 1988 and it became a fantasy land where the singer took guests on the rides and served them ice-cream and popcorn in a personal playground where he entertained hundreds of needy children over the years. (ANI)