Elvis Presley Enterprises Inc. purchased 1032 Craft Road in Whitehaven for nearly $1.58 million from Michael E. Reed. EPE purchased the property as part of its $250 million redevelopment of the Graceland visitor center. The property at 1032 Craft Road is an apartment building on 5 acres. EPE purchased the property for its land value and will tear down the 88-unit apartment building that was built in 1963. The land sold for about $315,000 per acre.
EPE’s parent company, CKX, plans to own more than 105 acres that surround Graceland. It plans to build new hotels and improve the public spaces around Graceland. For instance, the existing 128-room Heartbreak Hotel will be raised and in its place will be a much larger convention hotel on the Graceland side of Elvis Presley Boulevard. Furthermore, the existing visitor center will be raised and replaced with one seven times the size of Graceland.
Source: Google / Updated: Feb 7, 2008