Rumor has it that pop singer Lady Gaga wants to buy a piece of Michael Jackson's Neverland Ranch so that she can help to restore the infamous property to its former glory. Jackson bought the 3,000 acre ranch located in Los Olivos, California, in 1988 for somewhere between $16.5 million and $30 million and proceeded to add an amusement park, two miniature railroads and a petting zoo. He resided at the property as his primary residence until sometime in 2005. In May 2008 the property was saved from foreclosure by a company named Colony Capital LLC, which bought Jackson's $24 million+ mortgage. In November 2008 Jackson transferred title to the ranch to a company named Sycamore Valley Ranch Company, LLC, which was a joint venture between Jackson and an affiliate of Colony Capital LLC. At the time of his death in June 2009, Michael Jackson still owned an unknown percentage of the joint venture, so his children, Michael Joseph "Prince" Jackson, Jr., Paris Katherine Michael Jackson, and Prince Michael "Blanket" Jackson II, and mother, Katherine Jackson, now own a piece of Neverland Ranch through the Michael Jackson Family Trust.
Apparently Lady Gaga is a big fan of Michael Jackson, having purchased 55 items of the King of Pop's personal items at a recent auction. Now, The Sun is reporting that the pop star, who is set to perform at Tuesday's presidential inaugural ball for White House staffers, wants to help Michael Jackson's estate restore Neverland Ranch. According to a source as reported by The Sun, "Lady Gaga is obsessed with Michael. She's become good friends with his sister Latoya and would love more than anything else to restore Neverland to its original state. His kids are all desperate to hold on to their childhood home so they can decide what they want to do with it properly when they've grown up. Gaga would love to help with the financial costs by buying a share." Only time will tell if Neverland Ranch will be turned into a pilgrimage for the King of Pop's fans, similar to Graceland.