More on the Estate sale

E! Online on the sale:Lisa Marie Sells Elvis Estate by Sarah Hall Dec 17, 2004, 12:30 PM PT

The King may be dead, but he's still bringing in the big bucks from the grave.

Lisa Marie Presley, sole heir to Elvis, announced Thursday that she has sold the bulk of her father's estate, including his name and likeness to SFX Entertainment founder Robert F. X. Sillerman, in a deal worth close to $100 million.

Elvis Presley Enterprises, Inc., which brought in almost $45 million last year, will become part of a publicly traded company; to be called CKX Inc.

EPE was originally founded by Priscilla Presley in 1980, three years after her ex-husband's death, when Lisa Marie was still a child.

Though Elvis is number one on Forbes magazine's list of top-earning dead celebrities, Sillerman thinks the musical icon's legacy can do even better--and he's willing to put his money where his mouth is.

Proving that sentimentality is not entirely dead, Presley will hold onto Graceland and the 13 acres it sits on, as well as her father's personal effects.

She'll net $53 million in cash from the deal, and will be absolved of $25 million in debts owed by the estate. She'll also get shares in the new company expected to be worth another $20 million.

"For the past few years, I've been looking for someone to join forces with to expand the many facets of EPE, to take it to new levels internationally and to make it an even greater force in the entertainment industry," Presley said in a statement.

"I feel confident that Bob Sillerman and his team are the right people to do this with. My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities with a major infusion of new investment capital to do just that," she said.

Diehard Elvis aficionados need not get all shook up. Life at Graceland will reportedly change very little, and most of those changes will be imperceptible to the 650,000 visitors who flock there each year.

Thousands of fans still return to the property each August to mark the anniversary of the singer's death.

"It's like Monticello or Mount Vernon," EPE manager Jack Soden told People magazine. "We're preserving history here. And just because there's new management doesn't mean there's going to be a change."

If Elvis were still alive today, he'd be celebrating his 70th birthday next month on Jan. 8.

Big news straight from EPE:

Robert F.X. Sillerman and Elvis Presley Enterprises Announce Partnership

December 16, 2004 -- Robert F.X. Sillerman and his new media and entertainment company, which will be named CKX, Inc., have entered into a definitive agreement to acquire a majority interest in the assets comprising the estate of Elvis Presley.

The new partnership will conduct all business activities concerning EPE, Graceland and tour operations, however the transaction was structured so that the title to Graceland and its 13.6-acre grounds in Memphis, TN, and most of Elvis's personal effects remain with Lisa Marie Presley.

The new partnership includes all trademark rights to the name, likeness and image of Elvis Presley and all EPE-owned intellectual property, including its collection of photographs, archival documents and footage, and EPE's successful music publishing catalog, as well as the Graceland visitor center complex and Heartbreak Hotel across the street from the mansion and all other EPE real estate investments.

In a related transaction, Mr. Sillerman announced that he expects, through an affiliated entity, to acquire approximately 94 percent of the common equity of Sports Entertainment Enterprises, Inc. [OTC BB:SPEA.OB], an inactive publicly traded company, through which the business of CKX will be conducted. Please see Mr. Sillerman's and SPEA's releases for further information on this transaction.

“For the past few years I've been looking for someone to join forces with to expand the many facets of EPE, to take it to new levels internationally, and to make it an even greater force in the entertainment industry,” said Lisa Marie Presley, singer/songwriter and sole heir to the Elvis Presley Estate. “I feel confidant that Bob Sillerman and his team are the right people to do this with. My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities with a major infusion of new investment capital to do just that,” continued Presley. “It's the ideal partnership in that I retain Graceland and my father's personal effects, yet joining forces with Bob Sillerman will give us the opportunity to grow even further the intellectual and entertainment properties.”

Commenting on the transaction, Mr. Sillerman said, “I am extremely excited about our new venture, which we believe will bring unique concepts to different aspects of the utilization of entertainment content and will challenge the current models of distribution and consumption of content. I am fully committed to the success of CKX and there is no better way to launch our new company than by assuming the opportunity and responsibility, together with the Presley family and the current management of Elvis Presley Enterprises, of continuing and expanding the heritage of Elvis Presley. I believe Elvis to be the single most significant icon in American pop culture.”

No staffing or personnel changes are anticipated within the EPE organization. Priscilla Presley remains as an executive consultant, Jack Soden remains as CEO and Gary Hovey remains Executive Vice President and head of the Los Angeles office. All of EPE's management team and staff will remain in place and Graceland tour operations will continue with business as usual.

EPE was created in 1980 by Priscilla Presley on behalf of the Elvis Presley estate. Its business extends far beyond the Graceland operation. It includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the ongoing development of EPE's Internet presence, the management of significant music publishing assets, the Heartbreak Hotel in Memphis and more.

Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. SFX Entertainment was the largest presenter, promoter and producer of live events in the world. Prior to that, Mr. Sillerman was a founder, major shareholder and served as Executive Chairman of SFX Broadcasting, a major owner and operator of radio stations, from its inception in 1992 through its sale in 1998 to an affiliate of buyout firm Hicks, Muse, Tate & Furst.