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News createt: 27-09-2010

3716 Elvis Presley Blvd

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Elvis Presley Enterprises Inc. has bought a 3,500-square-foot building at 3716 Elvis Presley Blvd. from JBC Financial Group for $1.1 million. Built in 1976, the building sits on 0.56 acres on the east side of Elvis Presley Boulevard north of Dolan Street.

The Shelby County Assessor’s 2010 appraisal is $159,300.

The seller, JBC Financial Group, received the property in September 2004 via quitclaim deed from Clinton C. Thomas. JBC Financial lists a Florida address.

Elvis Presley Enterprises Inc. and CKx Inc., the company that owns 85 percent of EPE, have been buying property around Graceland for several years, citing plans to revitalize the neighborhood.

In a quarterly filing with the U.S. Securities and Exchange Commission in August, CKx reported preliminary plans including an expanded visitors center, new attractions, new souvenir shops and potentially a boutique convention hotel.

“Although we continue to consider the exact scope, cost, financing plan and timing of such a project, we expect that the redevelopment of Graceland, if and when pursued, would take several years and could require a substantial financial investment by the company,” the company said in the statement.

This property is between EPE offices and Blvd Souvenirs. And from what we have been told, it was acquired in true EPE style!