It has been confirmed Mr Broome has bought Cornwall's Crealy Great Adventure Park, near Wadebridge, and nearly 200 acres of adjoining farmland.
The Camel Creek Resort project includes up to 236 holiday villas, courtyard properties, tree houses, a pool, spa, restaurant, pub and convention centre.
The plans are due to go before Cornwall Council next month.
A spokesperson for Mr Broome, John Williams, said the development would see the current theme park updated but it would not resemble Alton Towers and there would be no large new rides.
He said it would create at least 950 new full-time jobs and construction could start in the new year.
He added the plans include a tropical lake, the largest in Britain, and admission to the resort will be free to local people within a one kilometre radius, while a discount would be offered to other people living nearby.
The park currently contains a range of family rides, attractions and animals including meerkats, horses, caiman and snakes.
White-knuckle rides, rare animals and international stars have always drawn crowds to tourist attractions up and down the country, but as time has passed many have closed.
BBC News has spoken to those who worked at and visited some of England's former crowd pullers in their golden age.
Jeremy Rowe, Cornwall councillor for the area, described the plans as "very interesting".
He said: "We wouldn't want to have a lengthy construction period because that would be too disruptive to the local area. Also there will be questions around the transport infrastructure in the area as well.
"I'm always keen for people to think of the local area when it comes to the possibility for more employment... but it's got to be sensitive and in keeping with the area and it has to have a strong level of local support for me."
Mr Broome took control of Alton Towers in the 1970s, turning it into a major theme park before selling to the Tussauds Group in 1990.
Alton Towers founder John Broome intends to turn a Cornwall theme park into a "premier European resort".