Here's a new and very detailed article on the new sale offer of EPE and what is all at stake and part of the deal. I have highlighted the more important factors.
Elvis Presley will rule again after sell-off of £130m kingdom
ELVIS PRESLEY’S Graceland mansion, his music and rights to his image are for sale in a £130million deal that could see The King appear “live” on stage more than 35 years after he died.
American owner Core Media Group is offering a package that also includes royalty rights to 24 of the star’s films and numerous TV appearances.
As a further carrot to would-be investors from around the world, Core is adding Muhammad Ali Enterprises, which controls all rights to the 71-year-old boxing legend’s archives and memorabilia, to the package.
Los Angeles-based media analyst Mike Raia said yesterday: “This could be one of the sweetest deals for a prospective buyer in the history of entertainment and sports acquisitions.
“Elvis is still worth as much as £40million a year in revenue, mainly through the 550,000-plus tourists who visit Graceland annually. Shrewd buyers will see this as a solid revenue stream that can easily be built on.”
Although Core Media chiefs and executives at New York merchant banking conglomerate The Raine Group are refusing to publicly discuss the sale, a spokesman at Core said: “We are testing the market to see who will come forward.”
The opportunities for a serious buyer could be enormous, according to Mr Raia, who added: “There are already detailed plans for an Elvis-themed hotel near Graceland.
“Other future revenue sources include a tribute stage show in an Asian casino hub such as Macau and a massive expansion of Elvis-themed digital and social media projects.”
These include a possible tie-up with cutting-edge Hollywood special effects studio Digital Domain, which has created a series of virtual hologram-style images of Elvis during various stages of his career.
Jack Soden, chief executive of Elvis Enterprises, which was bought by Core from the Presley family for about £66million in 2004, believes the virtual technology could even lead to Elvis going on tour again, at least in the shape of his digital image.
Mr Soden said: “We are particularly interested in using virtual Elvises to introduce him to a new generation of fans. We have let Digital Domain loose to develop moving and singing likenesses from various eras.”
This could mean fans filling arenas to watch a young, lean Elvis “perform” around the world while a more mature version could hit the stage in Las Vegas.
Sources at Core revealed the company is letting these and other opportunities go to focus on its worldwide television empire, which includes global rights to American Idol and So You Think You Can Dance.
Members of the Presley family, led by his daughter Lisa Marie, 45, will retain their 15 per cent shareholding as a condition of the sale. whoever buys Elvis Presley Enterprises.
The technology used to create “virtual” stars, pioneered by Avatar film director James Cameron, was first unveiled publicly during California’s Coachella Festival two years ago.
Late rapper Tupac Shakur appeared to perform “live” with Snoop Dogg and Dr Dre as a result of the sophisticated computer-generated imagery. Digital Domain is hoping to similarly “revive” Jimi Hendrix, John Lennon, Michael Jackson and Frank Sinatra.
Sinatra has already been “resurrected” for a private party for X Factor mogul Simon Cowell.
As well as Graceland, Elvis Presley Enterprises includes copyrights and royalties for 1,150 songs, his films as well 110,000 pieces of memorabilia including costumes and cars. The Graceland estate in Memphis, Tennessee was bought by Elvis for his parents for around £66,000 in 1957. He died there 20 years later aged 42.
“It currently attracts only 50,000 fewer annual visitors than The White House in Washington,” said Mr Raia.
“With proper investment and the development of a luxury hotel, it could become one of the world’s most lucrative tourist meccas.
“Spending by the current visitors is relatively low in terms of marketing and promotion and could easily be improved on. In short, it’s a gold mine just waiting to be excavated.”
Mr Raia believes buyers could include music and entertainment companies, Memphis business people or even extremely wealthy fans.
He said: “Elvis may have left the building a long time ago but the empire he left behind looks like a real bargain at the asking price.”
Graceland is not part of the deal....and the rights to the music is not part of the deal-that is Sony's domain.
Only the post 73 songs pay artist royaltees.......not all 1150 songs.
The hotels detailed plans still do not mention anything about financing and it does not say anything about the buyer having the condition that a hotel must be built as part of the deal.
It actually says:
Core Media chiefs and executives at New York merchant banking conglomerate The Raine Group are refusing to publicly discuss the sale, a spokesman at Core said: “We are testing the market to see who will come forward.”
My first thought is-if they do not find a buyer that will meet their price-what does that mean as far as Apollo's committment to anything Elvis?
Work in Progress!
One thing I have noticed in all of the news reports and articles has been the absence of the planned new visitor's center and museum planned for the same side of street as Graceland sits on.
It all depends on how much money the new buyer is willing to invest-and that they understand another $100 million on top of the $200 million asking price is not going to be recouped quickly its going to take some time.
The hotel seems logical-the visitor center probably 50-50 chance and the museum is probably the longshot.
But still Apollo testing the waters so quickly for resale has to mean they are not planning to spend much in the near future if at all.
If no one buys-it could mean little if any green lights from Apollo for investment that is beyond tinkering.
Work in Progress!
VivaElvis? Please stop the personal attacks and STAY ON TOPIC!!
If you like being able to walk through Elvis's plane the Lisa Marie-they made it possible....for every perceived "ill" they are attacked for-they have promoted Elvis.
They do not own the music or films, it took them about 10 years to totally get the rights to the 68 and Aloha special which have done much to promote Elvis in his prime....all good things...fair is fair.
Nothing is perfect in life-if it were.... Elvis would have lived to be 100 and left Lisa a half a billion dollars and not one single person would have ever set foot in Graceland other than those Lisa invited...but he did not live past 42 and he left a financial mess that was about to break the estate....nothing is perfect....I wish it was but its just not.
Last edited by KPM; 06-06-2013 at 02:28 AM.
Work in Progress!
Besides, before EPE became Parker's successors the city of Memphis wanted to buy it to open to the public as a profitable attraction for the city to capitalize on. Before getting Soden to go to Memphis, Priscilla almost sold it to the managers of the former amusement park known as Opryland in Nashville, now known as Gaylord Entertainment.
Many possibilities were considered and "vetoed" after the probate judge sounded the alarm-it would have been horrible to sell Graceland outright to anyone-for a onetime paycheck and wisely they did not go those routes (probably the 73 RCA deal showed them the foolishness of a onetime paycheck for something of priceless worth)
Work in Progress!
But she carried more weight because she was Lisa's mother.
Priscilla was smart enough to listen to the probate judge (who is an unsung hero in this situation IMO) and get good people around her to develope the plan of opening Graceland...she also was given the task of selling the idea to the world-because it was just a logical move.
IF it had failed she would have been the face to pin that failure to, if it succeeded she would get the credit that all three executors shared in equal parts......
If it had been a lawyer as spokesman for the actions-he would have not got 1% of the heat Priscilla has been given over the history of the last 35 years...she may enjoy the spotlight-but no one enjoys total absolute abject scrutiny for every utterance or moment.
Work in Progress!
How that came about was that Priscilla Presley and Jack Soden wanted Colonel Parker to work for the estate and they were going to pay him a 50% commision!
They went to court to approve the deal and the judge looked at Colonel Parker's dealings with Elvis and ordered an investigation.
After all that Elvis' estate was ordered not to do anymore business with the Colonel.
Now a lot of fans (who don't know anything) have mistakenly gave Priscilla credit for getting rid of Colonel Parker.
They will give her credit for opening Graceland and turning into a multi million dollar business.
They mistakenly believe that she is the brains behind the operation.
Bottom line i don't think Lisa Marie or Priscilla Presley care about the fans and all they've ever done is sit on their butts and collect checks.
It's always been about the $$$$$$$ for them.
Then Priscilla will take the credit for Graceland.
The executors were not instructed to worry about the fans in Elvis' will-its that simple.
They were instructed to protect and grow the estate-Elvis wanted Lisa to sit on her butt and collect checks (or anything else she wanted to do with her time) Elvis set the bottom line....and that was his right.
There is not one mention of "fans" in his will-he wanted his daughter to have everything that belonged to him....and she could do what she wanted with it.
Elvis gave his fans 20 plus years of his life as an entertainer-we bought his music-he sang....quid pro quo.
I have listened to Priscilla on Larry King, Nightline, Today show-she never has said....I did it all...she had many times mentioned the lawyer and Bank who were co-executors and the probate judge.....but she takes the heat when someone is upset with the way things went down.
Seems a tad unfair to me my friend.
Work in Progress!