Elvis Sings
The Sony Legacy release "Elvis Sings", containing 23 covers by Elvis Presley, was released.
3.65 MILLION FOR ELVIS RANCH -
The Desoto Times Tribune today 6report that the purchasers of the Circle G Ranch in Horn Lake, known as the honeymoon cottage of Elvis Presley, paid a sizable price for the property, much more than the original purchase price.
Elvis paid $300,000 for the 240-acre ranch in 1967 which is located at the intersection of Goodman Road and Highway 301 and has been purchased by a group of investors led by Mississippi native Davage "Buddy" Runnels Jr., the founder and owner of Real Estate International, Inc. (REI), based in Destin, Fla., for the sum of $3.65 million.
Kennedy Funding Financial of Englewood Cliffs, N.J. announced Wednesday it had closed a loan for $2.3 million for the purchase of the ranch. A news release announcing the loan stated the price of the property as $3.65 million.
The buyers have yet to announced their specific plans for the ranch, but Kevin Wolfer, president and CEO of Kennedy Funding Financial stated in the news release, "The new owner will have a number of options for preserving and making the best possible use of this extraordinary property."
Wolfer said the ranch has "considerable up-side potential." "Much of its on-site facilities are in need of repair, and the intention is to implement those upgrades to preserve its historical significance and its adaptive reuse," he said. "Its location near Memphis makes it a natural for music-related cultural events, for example." The loan is a three-year, interest-only loan secured by a first lien on the property.
(Source: Elvis For The Good Times / The Elvis Express / Desoto Times)