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Billionaire, Sillerman made his fortune in radio and
as a concert promoter. Today he sees Elvis as an under developed asset. On his corporate jet,
called Mason he flew to Memphis to tour Graceland, the 13 acre estate where Elvis lived with Priscilla and Lisa Marie. Sillerman said he doesn't feel like he owns Graceland.
"It's still their home," he said. "I don't think you can own Graceland that's as big as Elvis Presley.
I feel a sense of stewardship not ownership."
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GRACELAND 1959
GRACELAND 2007
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Each year, 600,000 people file through Graceland. Sillerman believes he can double that number. "So many people want to come to Graceland because they want to celebrate
Elvis' life," Sillerman said. "Forty percent of visitors are unaccompanied kids under the age of
35"
Even in death, there can only be one King. Reclaiming his top spot on the list is Elvis Presley, whose Estate generated $49 million in the past year. CKX Entertainment, the publicly traded firm which presides over the bulk of the Elvis empire (daughter Lisa Marie Presley retains a 15 percent stake) announced a massive overhaul of Graceland this summer, marking the 30th anniversary of the The King's death. Among the changes are a new hotel convention center, a state-of-the-art multimedia museum and
visitor's center. The plans are paying off: Revenues from Graceland were up 15 percent this year, to $35 million. And that doesn't include royalties generated from Elvis music, DVDs and licensing deals like the one struck with Cirque du Soleil for an Elvis-themed revue in Las Vegas.
Thirty years after his
death, Elvis is still idolized. So what is that name worth now? To
Bob Sillerman, who bought the king's name and likeness, it was worth
$114 million. That's what his company, CKX, paid for Elvis Presley
enterprises two years ago. Elvis' music was not part of the deal. he sold most of his hits back to
his label before his death. but the family sold 85 percent of everything
else and his ex-wife Priscilla Presley says it wasn't an easy
decision.
"Absolutely. I mean I'm not gonna lie. It's pretty frightening
when, you know, you've been a private company for all these years,"
she told Sunday Morning correspondent Anthony Mason. "You know and
you're the boss."
But Priscilla, the mother of his only child, Lisa Marie, says the family
business needed an investor to expand. And Sillerman was just the man to
do it. "He just got it," she said. "You know there is no other
company like his company."
His company also owns the "American Idol' franchise, which
Sillerman bought for $175 million. Then last year he added "the
greatest of all time" to his roster of icons, buying rights to
Muhammad Ali's name for another $50 million. Now Sillerman plans to move the Graceland Plaza visitor center located
opposite Graceland on the other side of Elvis Presley boulevard and
relocated it next to the Graceland mansion. The Heartbreak Hotel
will be torn down to make way for two bigger hotels. In the entire
complex that takes up 25 acres will grow to more than 100 acres.
At the same time Sillerman is working with Cirque du Soleil to create a
permanent Elvis show for Las Vegas and traveling shows that could tour
the world. "China is so big it could probably support a touring show
forever," Sillerman said.
"We're all thrilled about it. We think it's a whole other take on
Elvis," Priscilla Presley said. "I think he would absolutely
love it. ...
If the Cirque du Soleil numbers hold true for Elvis, we're in a
position to be making 100 million dollars a year in a few years,"
Sillerman said. "You know, that's a no-brainer."
It is no mystery that
the sale
of famous Graceland came at a high price!
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Graceland
Tour | Inside Graceland | Graceland
in Memphis | Elvis Collectibles |
Graceland Wall
Elvis Gold Lame Costume |
Elvis
Jumpsuits | Elvis Jewelry | Elvis
Sunglasses | The Car Elvis Shot
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