A California businessman has reportedly submitted a proposal "somewhere in the neighborhood of $40 million" for the purchase of Michael Jackson's Neverland Ranch with plans to turn the Graceland-themed property into a home for molested children.

A source tells the New York Post the would-be buyer's goal "is for the place to be used to help children in a serene setting recover from the trauma of sex abuse."

"The plan is to have children come there for treatment, and they will also hire trained therapist who would help the victims," the source said.

While residing on the 2,700-acre property nearby Los Olivos, Jackson was accused on several occasions of luring young children to the ranch and sexually abusing them. Jackson died in 2009 of cardiac arrest at the age 50.

During its fun-loving heights, the ranch featured an amusement park, a two-story arcade, candy stores, a movie theater and horses, elephants, lions, snakes and llamas.

With offers for the now-shuttered property expected to reach as high as $75 million, two other potential buyers have also expressed interest in converting the land into a "Jackoland" shrine or a state park.

The state of California is also rumored to have shown some interest in acquiring the property but reportedly has now exited the proceedings as the bids for the land have only continued to balloon.

Jackson's hit list includes such classics as "Beat It," "Billy Jean," "Rock With You," "She's Out of My Life" and "Don't Stop Until You Get Enough."

In 1982, Jackson's "Thriller" album produced seven Top 10 hits and became the best-selling album in music history. That same year during a TV show appearance, Jackson also debuted the "moonwalk" for which he remains famous.

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