Los Angeles ( CNN ) -- Michael Jackson 's Neverland Ranch could be put up for sale , according to the investment company that owns a controlling interest in the estate . The 2,700-acre property , nestled in the rolling hills and cattle ranches of Santa Barbara County , California , was Jackson 's refuge from the world from 1988 until he essentially abandoned it after he was acquitted on child molestation charges in 2005 . The zoo and amusement park rides , including a Ferris wheel and a railroad , are long gone , but Neverland remains an important pilgrimage for die hard Jackson fans from around the world . A constant flow of flowers , cards and gifts are left at the closed gate . Tom Barrack 's Colony Capital got a major stake in property when it bailed Jackson out of financial trouble in 2008 , a year before the singer died while preparing for a comeback concert tour . Barrack `` is considering '' selling he rural property , which is surrounded by rolling hills and cattle ranches , but it has not yet been listed for sale , according to Owen Blicksilver , the spokesman for Colony Capital . A video tour inside Neverland . Jackson 's estate still owns a minority interest in Neverland , but there is no indication from its executors that they are considering buying out Colony Capital 's stake to preserve it . `` We are saddened at the prospect of the sale of Neverland which , under the agreement negotiated during Michael 's lifetime , Colony has the right to sell , '' the Jackson estate said in a written statement Thursday . The estate 's statement said it would `` maintain Michael 's family home in Encino , including its iconic recording studio there , '' as part of his legacy . It also pointed to other legacy projects such as Cirque du Soleil 's Michael Jackson ONE show in Las Vegas . `` We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property , '' the Jackson estate said.Â '' Michael 's memory lives on in the hearts of his fans worldwide . '' Jane Fonda : Jackson bought Neverland after visiting my ranch . While Jackson vowed in his last years to never return to Neverland , some of his family members pushed for his burial there after his sudden death on June 25 , 2009 . He was finally entombed at Forest Lawn in Glendale , California . Jackson was close to losing the land in 2008 when Barrack agreed to put up a reported $ 35 million to pay the mortgage and help fund the entertainer 's lifestyle . The deal gave Barrack 's Colony Capital control of the property . Jackson 's death from an overdose of a surgical anesthetic came during preparations for his `` This Is It '' tour set to debut in London in July , which Jackson hoped would revive his performance career and restore is wealth . Colony Capital has paid the salaries of the small staff that maintains Neverland , including the security needed to keep the curious out . What could become of Neverland with a new owner ? The area is home to a lot of grazing cattle , although a few miles away several hotels and restaurants thrive in the Danish-themed tourist village Solvang . A California state legislator proposed in 2010 that the California Department of Parks and Recreation should consider acquiring Neverland as a state park . The proposal was never pursued .
Company controlling Neverland `` is considering '' putting the estate up for sale . Colony Capital got a major stake when it bailed Jackson out of financial trouble in 2008 . Jackson abandoned the property after his 2005 acquittal on child molestation charges . Jackson executors : `` We are saddened at the prospect of the sale of Neverland ''