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Obama calls for offshore drilling in Southeast

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A hunka-hunka burning cash: Elvis' properties sold

Graceland, Elvis's former home in Memphis, Tennessee, is now a major tourist attraction, drawing more than 600,000 fans each year. Visitors to the house can eat Elvis's favorite dishes, purchase King memorabilia or stay at the Heartbreak Hotel.

Credit: WREG
 

Sophia Yan


HONG KONG (CNNMoney) -- Elvis Presley may have left the building 36 years ago, but the King of Rock and Roll is still a very hot property.

Authentic Brands Group announced Tuesday that it has purchased the intellectual property associated with the rock-and-roll icon from Core Media Group.

Authentic Brands, which already controls the Marilyn Monroe and Juicy Couture brands, will own and manage global rights to a vast library of thousands of Elvis photos, album covers, movie posters, archive video footage and events like "Elvis Week."

"We are honored to welcome Elvis into the ABG brand portfolio and look forward to working alongside the Presley family and the team at Elvis Presley Enterprises to increase Elvis' popularity and fan base worldwide," said Authentic Brands CEO Jamie Salter.

A purchase price was not disclosed, and Authentic Brands did not immediately respond to a request for comment.

As part of the deal, Authentic Brands will operate Graceland in partnership with Joel Weinshanker, the chairman of National Entertainment Collectibles Association.

Graceland, Elvis's former home in Memphis, Tennessee, is now a major tourist attraction, drawing more than 600,000 fans each year. Visitors to the house can eat Elvis's favorite dishes, purchase King memorabilia or stay at the Heartbreak Hotel.

"We are looking forward to working with our new partners to continue the growth and expansion we have been working towards," said Lisa Marie Presley, the late singer's daughter. The Presley family retains ownership of Graceland and its original items.

In 2005, an 85% stake in Elvis Presley Enterprises was sold to media company CKX for $114 million. Private equity firm Apollo Global Management later purchased CKX and changed the firm's name to Core Media.

Elvis, a major American icon, won the Grammy Lifetime Achievement Award at 36, and has sold over one billion records. His death at age 42 in 1977 prompted numerous conspiracy theories, and some diehard fans continue to insist the star is alive.

 

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