Had Elvis Presley thought about financial planning he would have lost one of the great fortunes in entertainment history rather than openly enjoying & sharing his riches as it did. Although his property left was not destroyed, there was a cash flow issue with Graceland in particular to costing maintenance and taxes over half a million dollars a year.
Priscilla and the executives felt it appropriate to open Graceland to the public. At the end of 1981 Jack Soden, then investment advisor to Kansas City , Missouri, was appointed to prepare and conduct Graceland ‘s opening for the general public and to supervise the overall project. On 7 June 1982, Graceland opened tours.
In 1983, EPE purchased the shopping center square across the road from the manor by way of a long-term lease. It was a typical suburban shopping center since the Plaza was built in the 1960s. Yet it was almost immediately after Elvis ‘s death that tacky souvenir shops from Elvis, which mostly sold bootleg pieces not authorised by Presley Estate, became an unsightly blemish. Upon taking ownership of the shopping centre, EPE began supervising bootleg operations and initiated a facelift overall while still maintaining the existing leases of the tenants of the building.
All rentals had expired by 1987, and Graceland started to make substantial improvements to this day. The property was purchased by Graceland in 1993. Nowadays, the EPE owns and operates every shop and attraction in what is now called Graceland Plaza. The EPE already owned the territory on which Graceland is located, the visitor parking and the aircraft show.
Graceland Crossing was built in the latter half of the 1980’s and operated privately until Graceland bought it for visitors’ convenience in the fall of 1997. Graceland was a small commercial center that sold Elvis merchandise just north of Graceland Plaza. The next big project was the renovation, restoration and renaming of an existing hotel in the surrounding area Elvis Presley’s Heartbreak Hotel in 1999.
The Graceland Plaza and Graceland Crossing buildings closed in 2017, when Elvis Presley’s Memphis opened Graceland ‘s new entertainment center. The world’s largest and most comprehensive Elvis museum: Elvis The Museum of Fame History, is located in a state-of-the-art entertainment complex of $45 million 200 000 square meters. The new automotive museum, and two restaurants-Discovery Exhibits and one Soundstage-are also housed in Presley Motors.
Graceland has been attracting over 20 million guests from every country in the Union and almost every country in the world since it opened its doors to the public in 1982. Memphis had a small tourist trade until the opening of Graceland. Graceland soon became the center of the city and the region’s industry. The tourist industry of Memphis has grown dramatically with the growth of attractions such as the FedEx Forum, the Museum of American Soul Music in Stax, the Museum of National Civil Rights, and in May a variety of other attractions, exhibits, and activities in Beale Street are also expanding and increasing.
Visitors from Graceland come from every corner of life, every generation, every taste, every level of income, every educational background and every part of the world. The population is big. More than half of the tourists to Graceland are under 35. Graceland is a must-see for dignitaries to come, show cast tours on Broadway, rock stars tours and Memphis tourists of almost all kinds.
This amazing museum is located in beautiful Memphis, Tennessee, along with these other must-see museums you shouldn’t miss:
- Beale Street
- National Civil Rights Museum
- Stax Museum of American Soul Music
- Memphis Zoo
- Memphis Rock ‘n’ Soul Museum
- Mud Island
- Shelby Farms Park
These amazing museums are located just down the street from our location at South Third Street across from The Southgate Shopping Center. Stop by for a visit anytime!