Elvis Presley's Graceland attraction to borrow $120 million to expand

Visitors queue to enter the Graceland mansion of Elvis Presley in Memphis, Tennessee.
Visitors queue to enter the Graceland mansion of Elvis Presley in Memphis, Tennessee. PHOTO: AFP

MEMPHIS (Bloomberg) - It is an estate fit for a king. The King of Rock and Roll, to be more specific. Graceland, Memphis' premier tourist attraction, which draws more than half a million visitors a year, plans to borrow US$88 million (S$120 million).

Graceland Holdings, the majority owner of Elvis Presley Enterprises, aims to transform Graceland from an attraction to visit to a vacation destination.

That transformation is well under way. The home of Presley is a National Historic Landmark that opened to the public in 1982.

In 2014, Elvis Presley Enterprises developed a master plan for a public-private partnership with the city, county and state for the redevelopment of Graceland, which now includes an archive studio, a 450-room hotel, a museum, retail facilities and a recreational-vehicle and campground park.

Over the last 12 years, an average of 540,000 visitors have come to Graceland annually. Ticket prices range from US$38.75 for an adult to tour the mansion to US$159 for the "Ultimate VIP Tour" which includes an expert guide, access to the singer's custom jets and full access to the museum and entertainment complex.