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.