The former `Baywatch` star - who has debt and money problems - was only meant to live with her children in a mobile home in Malibu temporarily but now says she never wants to leave because she enjoys living a simpler life.
The 43-year-old blonde - who has two sons, Brandon, 13, and Dylan, 11, from her marriage to ex-husband Tommy Lee - said: "The boys and me love the trailerpark, it`s a special community, we`re happy here.
"It`s the most beautiful place, it`s where I take my motorcycle, my surf board. There are firemen with their children, surfers, all sorts. The children are so happy. I wouldn`t trade my life with anyone."
The blonde actress moved into the trailer while her £850,000 Malibu home was being renovated.
She still owns the mansion - which she has spent over £1 million renovating, including splashing out thousands on gold pool tiles - and a sprawling house in Canada, but owes a large sum to the California Franchise Tax Board and outstanding sums to builders for work carried out on the property.
But thanks to her new lifestyle, Pamela is now more worried about being a good mother than being a star and insists her sons always come first.
She added to the Daily Mirror newspaper: "They come first, everything else is secondary. I have gone as far as putting them in my contracts with people, so I don`t miss a baseball game, I don`t miss a practice, I am there for breakfast, to drive them to school."