Colony Capital, the company that now owns Michael Jackson’s famous former home, Neverland Ranch in Santa Barbara, is developing a plan to turn the mansion into a private music institute, “similar to Juilliard,†TMZ reports. Jackson’s ranch would become a campus where students “rich and poor†could learn to write and perform music, if Santa Barbara County and Jackson’s estate sign off on it. Sources connected with the Jackson estate said, “It’s an interesting idea and we’d be open to it.†Get your applications ready. [TMZ]