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12/17/2004: Like I say, I'm not a true Memphian.....
or I would have mentioned this before now. Apparently, Lisa Marie Presley, daughter of The King (does that make her "The Princess"?) and sole (near as I can tell) heir to Elvis, has sold 85% of the ownership of Elvis Presley Enterprises (AKA Memphis' major industry) to "a Broadway media mogul" for approximately $100 million. Lisa Marie is retaining title to Graceland and its surrounding 13.6 acres.
$100 mil.... I wonder if Nic Cage is kicking himself now?
:-)
Len on 12.17.04 @ 08:28 PM CST
Replies: 2 comments
on Sunday, December 19th, 2004 at 1:57 AM CST, roboto said
It was my understanding that the $100 million payout, however, only represented about 3 years worth of dividend distributions. Seems like a pretty cheap sale price.
on Sunday, December 19th, 2004 at 10:35 AM CST, Len Cleavelin said
I'm not into finance enough to look into it in that detail, but it struck me as a pretty cheap sale price too, given how much of the GDP of Memphis that Elvis Presley Enterprises represents. I suspect that Lisa Marie either needs a quick infusion of lotsa cash (the Comical Appeal pointed out that of the $100 million, about $50 million represented cash up front, while the rest was various other considerations), or she just wants to divest herself of the responsibility of being owner of EPE.