The sprawling estate, named after JM Barrie’s island for the Lost Boys in Peter Pan, was where the singer held lavish parties and played with his chimpanzee Bubbles.
But Jackson moved out of the property in 2005 when he was tried and acquitted of child molestation charges.
Neverland is now owned by a private investment firm called Colony Capital which bought it from Jackson in 2008 for $23.5m when he was heavily in debt.
Thomas Barrack, from the company, told Bloomberg: “We’ve really just been custodians of an irreplaceable estate and are proud to say we’ve restored it to the original elegance Michael first envisioned.
“We are now considering putting it up for sale.”
The 2,680-acre estate includes a lakeside guest house, swimming pool, full-sized cinema and replica railway station and track.
Mr Barrack would not say what the asking price is but real estate agents have said Neverland could sell for $50m.
A spokesman for the singer’s estate said: “We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael’s lifetime, Colony has the right to sell. The estate will maintain Michael’s family home in Encino, including its iconic recording studio there.
“We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael’s memory lives on in the hearts of his fans worldwide.”
Jackson died of a cardiac arrest in 2009, aged 50.