The financiers who own Michael Jackson's Neverland Ranch want to turn it into a teen music school similar to The Juilliard School in NYC.

Colony Capital, which recently rehabbed the grounds, wants creative young adults to study all aspects of music, including writing and performing, there, reports.

The fund needs Santa Barbara County to sign off on the conversion into a school campus -- and the support of Jackson's estate to go forward.

The latter may not be an issue. Insiders close to the singer, who died in June 2009, tell, "It's an interesting idea and we'd be open to it."