Recent Developments
In early August 2005, Lisa Marie Presley sold 85% of the business side of her father's estate. She kept the Graceland property itself, as well as the bulk of the possessions found therein, and she turned over the management of Graceland to CKX, Inc., an entertainment company (on whose board of directors Priscilla Presley sits) that also owns 19 Entertainment, creator of the American Idol TV show.
In February 2006, CKX Chairman Bob Sillerman announced plans to turn Graceland into an international tourist destination on a par with the Disney or Universal theme parks, sprucing up the area mansion and doubling or possibly tripling the 600,000 annual visitors to around 2 million a year. Sillerman’s goal is to enhance the "total fan experience" at Graceland to compel visitors to spend more time and money. The company is working with the Bob Weis, the recently named new CEO of Disney Imagineering based in Orlando, Florida, to improve the tourist area around Graceland, which is located in an economically depressed area of Memphis, while keeping intact the historic home. Graceland officials envision a 3-mile (4.8 km) strip of Elvis Presley Boulevard transformed into a beautiful entertainment district from East Brooks RD all the way down to East Shelby Drive. EPE has bought up over 120 acres (0.49 km2) of land both commercial and residential around the mansion both north and south, everything from apartment complexes, car dealership, a souvenir shop and even some houses in the area to make way for the expansion.
Sillerman, who has been speaking with investors and developers, plans to spend between $250 million to $500 million on redeveloping the area surrounding Graceland. Among his plans are a new luxury hotel of more than 500 rooms and a convention center, an amphitheater for live concerts, restaurants and retail, plus a new 80,000-square-foot (7,400 m2) visitor's center and museum adjacent to the Graceland mansion. 2009 was set as the target date to begin work on the project but first it has to be approved by the Memphis City Council.
While visitor numbers grew to around 700,000, by 2005, and partly due to the negative impact on US tourism of 9/11, visitor numbers at Graceland had reportedly declined to around 600,000 due to the rough surrounding neighborhood.
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