By Diego Urdaneta

LOS OLIVOS, California - "Great! It would be like Graceland," exclaimed Rebecca Player on hearing that Michael Jackson's nearby Neverland ranch could become a permanent memorial like Elvis Presley's.

But the housewife's view is by no means unanimous here in Los Olivos, a wealthy town in southern California's scenic wine country a short drive from Jackson's 1,050-hectare (2,600-acre) fantasy estate.

Jackson's family is reportedly planning a public wake at Neverland on Friday for the pop icon, who collapsed and died last week at age 50.

The wake plan has heightened speculation that the family plans to create a permanent memorial in Neverland, a quirky nod to Jackson's obsession with childhood that once featured tigers, giraffes and an amusement park.

"It would be a tribute to an important person," Player said. "That's a good idea. The area is already very touristic, it's already attractive."

But some residents worry about the impact of a stream of fanatic fans flocking to this exclusive area, which is dotted by small vineyards made famous in the 2004 road-journey film "Sideways."

It is not even clear if legally the family could turn the residence into a business along the lines of Graceland, Elvis Presley's Memphis home which was transformed into a tomb and museum tribute to The King. Jackson was briefly married to Presley's daughter, Lisa-Marie.

"We're looking into that legally. We're researching," said William Boyer, a spokesman for Santa Barbara County which covers Neverland, adding that so far authorities had not received any request to change Neverland's legal status.

Fans already packed into Neverland in 2005 to rally in support of Jackson after he was arrested on allegations of molesting children at Neverland - charges on which he was acquitted.

After the sensational trial, Jackson's personal and financial life rapidly deteriorated. Jackson was forced to get rid of the animals and the entire estate was reportedly on the verge of foreclosure.

Jackson died in a rented mansion in Los Angeles, which along with his family's compound has drawn giant crowds of fans expressing their grief.

Neverland's front gate has also turned into a shrine, where fans left flowers, teddy bears, candles, handwritten cards and colorful balloons. One person even left a worn-out ballet slipper on which was written: "I love you! I dance because of you. Alyssa Salvese."

Alana Johnson, a 22-year-old waitress on Los Olivos's main drag, was excited by the prospect of Neverland becoming a permanent attraction.

"It would be very cool," she said. "I live nearby and I've never been into Neverland. It would be good for business, too."

But Patricia Sheridan, 45, the manager of a nearby winetasting shop, saw the flip side for business.

"I'm not so sure. We already have our customers," Sheridan said.

She said there has been no upswing in business since Jackson's death.

"They only come inside to ask for directions," she said.

In nearby Solvang, a town founded by Danish-Americans and which still draws tourists who want to sample the pastries and architecture of Denmark, the head of a local art gallery played down Neverland's significance.

"I don't think it would make any difference," said Donald Jameson, 56.

But many residents are simply fatalistic, believing the decisions of America?s pop first family are beyond their control.

"We don't know what's going to happen with Neverland right now," said Roger Wisted, owner of the Blackjack store where scenes of "Sideways" were shot.