Sillerman Talks Elvisworld

Elvis Presley’s legacy could soon include a Graceland theme park if Robert F.X. Sillerman has his way.

The entrepreneur’s goal is to build a theme park similar to the Disney and Universal models to enhance the die-hard Elvis fan’s overall Graceland experience while maintaining the historic family-owned home.

The majority owner of Elvis Presley Enterprises pitched the idea to Tennessee government and business officials during a February 23rd meeting in Memphis. He said he has plans to upgrade the grounds around the late singer’s mansion and double the 600,000 annual visitors.

“As we are upon the 50th anniversary of Elvis Presley’s explosion into our culture, it is only fitting that Graceland assume an even more prominent role in American culture and tourism,” Sillerman said.

Sillerman, who also owns the “[American, Pop, etc.] Idol” franchise, paid $114 million for 85 percent of Elvis Presley Enterprises in late 2004 – the first purchase made by his publicly traded CKX. Presley died in 1977 but reportedly earned $45 million last year and topped Forbes‘ list of top-earning dead celebrities.

CKX has already purchased a 3.23-acre parcel on Elvis Presley Boulevard in anticipation of the project. The land contains a former auto dealership that was built in 1973.

“We do know that the area that Graceland sits on is not the most attractive area,” Sillerman said. “We know that that needs enhancement, if you will. Beyond that, the plans aren’t specifically developed enough to know what that partnership form is going to take.

“But we do know that this is not something that Elvis Presley Enterprises and the Elvis Presley family can undertake by themselves.”

So far, the project will include expanding Graceland’s visitor center and exhibit space to display thousands of pieces of Elvis memorabilia never before seen. A new hotel or expansion of the existing Heartbreak Hotel is also under discussion.

Meanwhile, Sillerman is talking to developers and investors interested in the project. He said he’ll ask local governments to help upgrade some of the public spaces around the tourist attraction.