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Saturday, December 18, 2004

Lisa Marie Presley,who's been sitting
on a hunka bunka burnin' real estate since her famous
father died in 1977, agreed to seel a controlling
stake in Elvis Presley Enterprises Inc.,
to businessman Robert F.X. Sillerman, founder of
SPX Entertainment.

It was announced Thursday that Presley, Elvis only
child and sole her, will sell 85 percent of the business,
which manages her father's music rights and Graceland
mansion in Memphis, for approximately $100 million.

The Presley estate brought in almost $45 million
last year. Sillerman said more aggressive marketing,
supported by capital raised through a new publicly traded
company, can make Elvis an even bigger earner.

Presley occupies a unique place in American pop cultue
and "I don't think there's much likelihood his influence
is going to wane anytime in my lifetime
," Silllerman said
by telephone from New York, where he runs the Sillerman Companies.

The agreement will pay Lisa Maire $53 million in cash and
absolve her of $25 million in debts owed by the estate.
She also is to get shares in the new company expected to be
worth more than $20 million.

She will retain possession of her father's home, it's more
than 13 acres of land and many of her fathers'
"personal effects", an announcement said.

Tours of Graceland, which gets 650,000 visitors a year, will
continue unchanged.


posted by infraternam meam @ 4:56 AM  
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Name: infraternam meam
Home: Chicago, United States
About Me: I am now at the prime of my life and have been married for the past 25 years. Sickly at times, but wants to see the elixir vita, so that I will be able to see my grandchildren from my two boys.
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