Mike Davis, a California lawmaker, is proposing turning Neverland Ranch into a state park. The property that was made famous by the late Michael Jackson, fell into problems when Jackson was unable to maintain the mortgage on the 2,500 acre property. Neverland Ranch is now owned by the Jackson Family along with Colony Capital Equity Firm.
The property was purchased by Michael Jackson back in 1988 for a mere $17 million, and its now worth somewhere between $70 to $90 million. The only problem facing Mike Davis is that the state of California is currently broke and may not sit on their list of priorities.
