Bob Sillerman, the billionaire entertainment mogul who owns the rights to Elvis Presley's Graceland, Muhammad Ali and a big share of Simon Fuller's hit TV show "American Idol," is getting out of the real-estate business after losing hundreds of millions of dollars on just two failed projects.
"I think I have shown conclusively that I am not knowledgeable enough about the real-estate business," Sillerman told The Post in an exclusive interview. "I think I should leave it to other people to pursue."
Sillerman's decision comes amid a flurry of lawsuits surrounding the construction of one of the two projects -- a luxury golf course and resort on the Caribbean island of Anguilla. "The plans for the Elvis Presley Hotel and casino have been cancelled," Kanavos said. "Las Vegas is in a depression and I do not think there will be any need for additional hotel rooms in the city for at least the next five to seven years," according to FX Real Estate CEO Kanavos added.