The company that bought Michael Jackson's Neverland Ranch is looking into the idea of turning it into a performing arts school.

According to TMZ, Colony Capital recently rehabbed the 2,500 acre property and wants to develop a business plan to turn Neverland into a campus similar to the Juilliard School in New York City. The Midland prep school already boarders the property to its south, so converting Jackson's old home into a school, would not be a far stretch.

Problems arise in getting approval from the county and using Jackson's name to plug the facility. Sources connected to the Jackson camp told TMZ they were open to the idea. Other ideas for the Santa Barbara estate have included turning it into a Michael Jackson theme park/museum or a state park.

In other Jackson news, the first posthumous album of unreleased material from the King of Pop was released last week. Titled 'Michael,' the project was met with scrutiny. Ne-Yo, who worked with Jackson before his sudden death in 2009, called the album a "travesty," while Quincy Jones, who produced Jackson's epic 'Thriller' and 'Bad' albums, said he believed Jackson would have never approved the release of the album if he were alive.

Watch Michael Jackson's 'Hold My Hand'
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