Los Angeles based investment and media company Saint Juste International has agreed to buy an equity stake in Kings Holdings, the parent company that operates Elvis Presley’s former estate in Palm Springs, California, for $11 million U.S. Dollars.
The Presley Estate was the only other property Elvis owned besides Graceland when he passed away in 1977. The New York Times (2007) deemed the sprawling 5,500 square foot mansion situated high on a 3 acre hilltop with 40 mile views of the desert mountains as “Graceland West.” Elvis lived in this iconic and historic gated compound for 7 ½ years, second only to Graceland in terms of the time “The King” called this his home.
The hilltop mansion was closed to the public for 27 years until Reno Fontana and his wife Laura Whittier purchased the property in 2004. After 5 years of pursuing a business license, they were awarded for their efforts by being honored with the first event home permit #001 ever issued by the City of Palm Springs, which allows them to promote the estate as a commercial venue. The Presley Estate is a commercially licensed enterprise located in a residential area of multi-million dollar homes and has the very real potential of mirroring a significant portion of Graceland’s $50 Million Dollar annual revenue.
Saint Juste and Fontana were introduced to one another through mutual acquaintances in 2007. “I immediately recognized the enormous potential of the Presley property when Reno shared his vision of a West coast Elvis tourist destination” says Saint Juste. Mark Saint Juste is also participating with Kings Holdings in the purchase of one of the largest motor sport facilities in the state of Indiana.
It wasn’t long after that Saint Juste decided to invest in the business plan and vision that Reno had shared with him. SJI structured a private placement bond offering that had the initial misfortune of being issued in October of 2008, just prior to the collapse of the worldwide financial markets. Additionally, 2009 proved to be a challenge for most investors as well. Undaunted Saint Juste continued to invest the necessary capital to ensure that Fontana/Whittier would see their dream of materialize.
After receiving the final installment of investment capital through Saint Juste International, Fontana/Whittier intend to complete the final decoration of the home in “true Elvis style.” They will build a chapel, a recording studio, and feature a collection of Elvis memorabilia that cannot be found anywhere else in the world.
The Fontanas will strive to respect the Elvis and Priscilla Presley’s “life and times at this home in a manner that is dignified and inspirational.” The preservation of the Elvis Estate is a sound business venture and a positive contribution to our society because of the historical significance of this global icons home.
Source: Google / Updated: May 20, 2010