The Estates at Magic Mountain?
This may not be a bad idea. In recent years, the park has become a haven for gangbangers and doesn't attract the family element that spends money on more than just admission. Six Flags new ownership is looking to re-orient the brand to a more Disney-esque family friendly one, and in order to pay off some of the company's debt, a number of stinker parks will be put up on the chopping block.
The 250 acre property could be re-developed in a mix use commercial, retail and residential project. My one suggestion would be to keep the park's trademark observation tower and develop it as a restaurant. It would nice to leave it as an icon for Santa Clarita.