The mansion owners want to turn the building into a fame school for teenaged musicians, where children from all walks of life could learn to write and perform music, reports thesun.co.uk.
"It's an interesting idea and we'd be open to it," said a spokesman for Jackson's estate.
The mansion is owned by a private real estate firm Colony Capital that is looking into using Jackson's name to promote the venture.
However, Santa Barbara County officials are yet to sign the project.
