There is a good chance that Liberty Land begins a second life next year. However, the deal to open a new amusement park in Memphis hinges on keeping Elvis' favorite roller coaster, the Zippin Pippin. The Memphis City Council approved a nonbinding letter of intent by the Joyland Amusement organization to open a new park by May 31 at the former location of Libertyland. Owner Robert Barnard says the Zippin Pippin is essential to the park. The roller coaster was bought at auction and resold to Carolina Crossroads for only 2.500 dollar. Barnard says his group would be willing to buy the coaster if given a long-term lease on the park. The Zippin Pippin will be restored to its original condition, and plans are to advertise it as ‘Elvis Presley’s Favorite Ride’. The new owners-to-be are willing to invest 1.5 million dollar in the amusement park.