Michael Jackson [File photo]

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Many options for Neverland's future were explored over the intervening years. Jackson himself is said to have considered the idea of turning Neverland into a performing arts school towards the end of his life. After his death, many suggested that the property be turned into a public memorial park or an attraction like Elvis Presley's Graceland.

"The Estate did explore a number of potential options for Neverland with Colony, but zoning, financial and land use restrictions limited the alternatives and ultimately, Colony made the decision to sell," the estate representatives continued.

Owen Blicksilver, spokesman for investment firm Colony Capital LLC, told Reuters that the company will make a decision soon as to whether it will place Jackson's estate on the market. He declined to reveal any further details.

Another of Michael Jackson's former abodes will also be sold. The late singer's Las Vegas house - where he lived from 2006 to 2008 - has been listed for $19.5 million, according to the real estate search engine Trulia.