Prince Michael, 13, and Paris, 12, are said to want to turn the ranch into a shrine to their dad after having made a secret pilgrimage to the late singer's £50 million home.
Jackson, who died in June last year, was forced to sell the sprawling ranch after losing control of it to an investment company when the King of Pop fell into debt, according to the News of the World.
A source told the newspaper: 'Paris and Prince remembered the rooms from their childhood.'
The source went on to say that the children agreed that when they were old enough they would turn it into 'some kind of community park and centre for animals'.
The source added that seven-year-old Blanket has also fallen in love with the place after a visit last summer.
According to the newspaper, the singer's three children will inherit millions of dollars at the age of 21 which will mean they can afford to buy the famous estate.
