The Future of Graceland

This month marks the 30th anniversary of Elvis Presleys death, and still, three decades later, the King is taking care of business. The new man behind the rock-n-roll icon has big plans for the area around Elvis Graceland home in Memphis, Tennessee. Elvis Presley, an idol to millions, and now a man from the Bronx named Bob Sillerman, said to be richer than Donald Trump, wants to transform Elvis Graceland and the area around it with a $150 million project. "Hes going to have theme parks, hes going to have high technology exhibits. Hes going to have all kinds of ancillary shows. Hes going to have a place to stay and expand the hotel-motel aspects," says Memphis City Councilman Tom Marshall. Stop where you are. Gracelands big boss man said that would be trouble. "There are virtually no roller coasters, no rides, frankly not really any aspects of a classic theme park involved in this master plan," says Graceland Enterprises Jack Soden. It is a somewhat of a secret master plan, but thats all right, Mama. Weve learned some of the details. It may not be a theme park, but it will definitely have a theme: think Elvis world. The Elvis Experience will move across the street with a new visitors center on the side of the road where the mansion sits. There will be hotels, restaurants and much more. Graceland wont be changed, just restored where its needed. "A Beale Street where you can take the kids," Soden says. Elvis Presley Enterprises has been buying up property for more than a decade, like an apartment complex and an RV park, Heartbreak Hotel, the wooded areas around Graceland and more. Bob Sillerman is buying up property, too, just north of Graceland. "I know they have been pretty fair about what they bought this property for. I know the owner of this place. I think they paid him a good price," says Memphis Property Owner Babak Makki. Glenn Rutherford, who owned the property Hot Wheels is standing on, says that he sold that property to Bob Sillerman. He sold that building and three acres for $2.1 million. Thats more than double the appraised value. Soden says 100 acres has been purchased, and thats what Sillerman wants. The folks who live right next to Graceland hope Sillerman and Elvis Presley Enterprises will come knocking any day now. "Theres rumors, the possibility they were buying up this area, and he wanted to turn it into something similar to Walt Disney," says Janice Johnson, who lives next to Graceland. J Johnson says she would love to sell her house. For now, there will be a lot more conversation and a lot less action because Sillerman doesnt have the financing in place yet, and Soden says the city, county and state need to get behind Elvis World, a project many say will transform the area and get everyone "all shook up." As many as 50,000 Elvis fans are expected in Memphis this month for Elvis Week. More than 600,000 people visit Graceland every year.