Michael Jackson’s former estate Neverland is set to be transformed into a shrine to the star, much in the style of Elvis’ Graceland.

The late popstar’s Santa Barbara estate was purchased by Thomas Barrack last year and a source told E! Entertainment:

“Michael had been having financial troubles for years. The loan bought on his ranch was essentially just a hefty favour for the singer. 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 residency].”

A financial consultant associated with Jackson said that there were plans to open the estate as a public memorial site.

“They’ll probably make even more money. As of now, the most likely plan is to transform Neverland into a Graceland-type arrangement.”