News createt: 06-01-2011
Elvis’ Palm Springs Estate threatened by bankruptcy
"Kings Holdings, the owner of Elvis Presley’s former Palm Springs, Calif., estate rocked into Chapter 11 bankruptcy protection this week.
According to attorney Paul Wynn, who’s working on the case, the bankruptcy filing is a result of a dispute with Kings Holdings’ lender over a financing agreement.
In an interview Tuesday, Wynn said Kings Holdings would continue operating during its restructuring and pointed out that the estate, located on Chino Canyon Road, is still offering tours to fans of the King at the property they’ve sought to dub “Graceland West.”
The two-acre desert estate, no “Blue Hawaii,” is home to an approximately 5,000-square-foot, Spanish-style white stucco house with five bedrooms and seven bathrooms. Built in 1946 for the family behind the Jergen’s skin care line, Elvis didn’t move in until 1970, according to the Wall Street Journal’s Developments blog. The singer dropped $85,000 for the home, where he went on to record eight songs. After his death in 1977, wife Priscilla Presley sold the property.
Kings Holdings’ president is Laura Whittier, who acquired the estate with husband Reno Fontana. In a note on their website, the Fontanas say they offer “the finest in Southern hospitality” to visitors, especially those who “share a camaraderie that only an Elvis fan can understand.”
In court papers, Kings Holdings reported assets and debts each in the range of $1 million to $10 million.
A call to the estate went unreturned Tuesday."
By Jacqueline Palank, Associated Press