EPE Buys Royal Oaks

Elvis Presley Enterprises Inc. has bought the Royal Oaks Apartments at 1032 Craft Road from Michael E. Reed for $1.6 million. The Royal Oaks is a 13-building apartment complex built in 1963. The complex has about 80 units and sits on a 5.2-acre lot on the north side of Craft Road west of Elvis Presley Boulevard. No one answered a phone number for the apartments; an answering machine states it is the number for MBM Properties. Representatives from EPE were not available for comment by press time. Nearly two years ago, New York-based CKX acquired an 85 percent stake in EPE, with Lisa Marie Presley retaining 15 percent interest. CKX recently announced a $250 million plan to develop Graceland into a tourism development zone centered on Graceland and spreading to surrounding property. The plan calls for "building an expanded visitors center, developing new attractions and merchandising shops and building a boutique convention hotel," CKX management wrote in the company's most recent annual report.
Source: Elvis Unlimited / Updated: Jan 18, 2008 
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Sean Ryan (profilecontact) wrote on Jan 19, 2008report abuse
I wish EPE would buy the Circle 'G' Ranch before it falls down and is lost forever.An important part of Elvis's history is just there for people to just walk in and have a look around.Very sad to see.
Viva (profilecontact) wrote on Jan 19, 2008report abuse
Sounds like a bargain. Is it a bit of a dump then?

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