That's it. A guy named Reno "bought" it a few years back. He was trying to make money giving tours of it, but with no advertising, and high rates it didn't work out.. It's about a three minute drive from the honeymoon house in the same neighborhood.
He apparently couldn't pay the mortgage on it, and lost the home. When the house was sold after Elvis died it was sold furnished. The guy Reno bought the house from left it furnished, so a lot of the stuff in the house belonged to Elvis. On the auction site the house has been gutted, and repainted.
It was a nice house, and I could see why Elvis spent so much time there, but the kitchen was oddly very small, like one you would see in an apartment somewhere. People like to say how small Graceland is, but this house is even smaller.
I wonder what happened to all of the stuff in the house that belonged to Elvis...maybe Reno took off with it.
Rick wrote: > That's it. A guy named Reno "bought" it a few years back. He was > trying to make money giving tours of it, but with no advertising, and > high rates it didn't work out.. It's about a three minute drive from > the honeymoon house in the same neighborhood.
> He apparently couldn't pay the mortgage on it, and lost the home. > When the house was sold after Elvis died it was sold furnished. The > guy Reno bought the house from left it furnished, so a lot of the > stuff in the house belonged to Elvis. On the auction site the house > has been gutted, and repainted.
> It was a nice house, and I could see why Elvis spent so much time > there, but the kitchen was oddly very small, like one you would see > in an apartment somewhere. People like to say how small Graceland is, > but this house is even smaller.
> I wonder what happened to all of the stuff in the house that belonged > to Elvis...maybe Reno took off with it.
> > Those is some fabulous digs- Marty, any recollections?
> In that house, yes.
> I stayed there with and without Elvis and Palm Springs is a great town to > just relax and not think of the outside world.
> Great food and great women.
> Marty
~~~~~~~~~
Hmm..tell us more Marty. :) Just joking. Is a cool place. Has it changed any since you were there? Looks a bit 'dated' to me. Charley ~~~~~~~~~~~
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Hello, yes this is Elvis' home which he had built in 1965 for $85.000. he recorded two songs there, "i miss you" and "are you sincere". the house was willed to Lisa Marie and sold in 1979 to singer Frankie Valli for 385.000.
BOBBY WAYNE SMITH wrote: > Hello, yes this is Elvis' home which he had built in 1965 for $85.000. > he recorded two songs there, "i miss you" and "are you sincere". the > house was willed to Lisa Marie and sold in 1979 to singer Frankie Valli > for 385.000.
If it was willed to Lisa Marie then how could it get sold in 1979 when she was only 11?
> BOBBY WAYNE SMITH wrote: >> Hello, yes this is Elvis' home which he had built in 1965 for $85.000. >> he recorded two songs there, "i miss you" and "are you sincere". the >> house was willed to Lisa Marie and sold in 1979 to singer Frankie Valli >> for 385.000.
> If it was willed to Lisa Marie then how could it get sold in 1979 when > she was only 11?
> Blair
If minors inherit property or money throughl, there is a caretaker/supervisor* until that person is of legal age which is 18 in some countries and 21 in others.
In The Netherlands the king died somewhere late 1800's and his daughter was only 10 years old and could not become queen until she was 18 or 21 years old. So her mother was caretaker/supervisor* for the "Princesse Royal".
Remember the daughter of Christina Onassis? She inherited millions and millions when she was a kid. Her father got (limited) money out of the estate to support her until she became 18 years old and could take control herself.
* I do not know the correct word for this. It means that the person taking care of the minor has (limited) authority over the money/goods.
BOBBY WAYNE SMITH wrote: > Hello, yes this is Elvis' home which he had built in 1965 for $85.000. > he recorded two songs there, "i miss you" and "are you sincere". the > house was willed to Lisa Marie and sold in 1979 to singer Frankie > Valli for 385.000.
> TAKIN' CARE OF BUSINESS
Although it's been stated in several books the house was built in 1965, according to the sales drive (http://tinyurl.com/m3223) the house was built in 1946. Anyway, Elvis had nothing to do with the building of the house. It wan not until April of 1970 that Elvis bought the house. He did however remodel the house some and added the swimming pool. -- T.
Luuk wrote: > * I do not know the correct word for this. > It means that the person taking care of the minor has (limited) authority > over the money/goods.
I think the legal word you're looking for Luuk is called a 'trustee' or 'executer' of the estate.
However I was wondering, what gives this person/persons the right to sell an asset that was left to a child?
That is a bad loophole. I have no doubt that Cilla was behind this action aided by a weak willed Vernon.
> Luuk wrote: >> * I do not know the correct word for this. >> It means that the person taking care of the minor has (limited) authority >> over the money/goods.
> I think the legal word you're looking for Luuk is called a 'trustee' or > 'executer' of the estate.
> However I was wondering, what gives this person/persons the right to > sell an asset that was left to a child?
> That is a bad loophole. I have no doubt that Cilla was behind this > action aided by a weak willed Vernon.
> Blair
Well, perhaps the costs for maintenance of the house were high and the trustee decided it would be better to sell. Remember that "Graceland" only was opened as a museum because the costs of maintenance were quite high.
> > > Those is some fabulous digs- Marty, any recollections?
> > In that house, yes.
> > I stayed there with and without Elvis and Palm Springs is a great town to > > just relax and not think of the outside world.
> > Great food and great women.
> > Marty > ~~~~~~~~~
> Hmm..tell us more Marty. :) Just joking. > Is a cool place. > Has it changed any since you were there? Looks a bit 'dated' to me. > Charley
It is dated but then again many of the old houses in Palm Springs are.
Marty
> ~~~~~~~~~~~
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> Hello, yes this is Elvis' home which he had built in 1965 for $85.000. > he recorded two songs there, "i miss you" and "are you sincere". the > house was willed to Lisa Marie and sold in 1979 to singer Frankie Valli > for 385.000.
> TAKIN' CARE OF BUSINESS
Elvis didn't build that house and he didn't live there in 1965.
Blair Kavanagh wrote: > Luuk wrote: > > * I do not know the correct word for this. > > It means that the person taking care of the minor has (limited) authority > > over the money/goods.
> I think the legal word you're looking for Luuk is called a 'trustee' or > 'executer' of the estate.
> However I was wondering, what gives this person/persons the right to > sell an asset that was left to a child?
> That is a bad loophole. I have no doubt that Cilla was behind this > action aided by a weak willed Vernon.
> Blair
For sure - I can see Priscilla wanting to get rid of El's Wolf Den ASAP!
Blair Kavanagh wrote: > Luuk wrote: >> * I do not know the correct word for this. >> It means that the person taking care of the minor has (limited) >> authority over the money/goods.
> I think the legal word you're looking for Luuk is called a 'trustee' > or 'executer' of the estate.
> However I was wondering, what gives this person/persons the right to > sell an asset that was left to a child?
> That is a bad loophole. I have no doubt that Cilla was behind this > action aided by a weak willed Vernon.
> Blair
Blair, Graceland did not always have the cash flow it has today, you know. The first years after Elvis' death, and until it was opened to the public, Graceland was nothing but a huge item of expenditure. If Priscilla did sell the Chino house, and "was behind this action", as you call it, I fully understand it and can't see anything wrong with it all. I don't know for sure when the house was sold, but according to various books it was sold in 1979. If this is true, the only thing that makes me wonder is that it wasn't sold before. It's not easy to explain it all with just a few lines, and I'm far from being an "expert" on the subject, but I'll try.
First, Priscilla had nothing to do with the estate before Vernon died. Vernon was the executer and in charge of Elvis' estate and was, within limits stated by the law, free to do as he felt necessary to best preserve the estate. For doing this job a Memphis court ruled that Vernon was to receive $28.000. He was also to receive $1.400 a week, the same salary he reportedly got when Elvis was alive. Everything Vernon did was overseen by some judicial authority. And likewise, everything Priscilla do (or did) was also overseen by the same judicial authority. (I don't know how things are nowadays after CKX got involved and all).
Elvis' will allowed Vernon to choose his own successor(s), and he did personal choose Priscilla, and Joseph Hanks (the accountant), and the National Bank of Commerce. If Vernon had not appointed any successor(s), the latter would have been the sole successor according to Elvis' will. As far as I understand Priscilla was very eager to be appointed executor, and probably worked Vernon some to make this happen. This is of course understandable. She wanted to be able to look after her daughter's interest. And her own interest as well for that matter.
The estate was almost bankrupt at the time of Elvis' death and the cost of maintaining Graceland alone was reportedly around half a million dollars. This much because of the extended security needed at Graceland after Elvis' body was moved from the cemetery and to the grounds. Also, early 1978, the National Bank of Commerce (the same bank that would become one of the successors after Vernon's death) sued the estate for the payment of three loans totaling $1.4 million. Then the IRS increased the value of Graceland from $5 million to $22.5 million, and three years later in 1981, did a second appraisal where it was determined the estate owed an additional $10 million in inheritance taxes. And this is just parts of the expenses the estate had to deal with.
The first year or so after Elvis' death the estate's income wasn't that bad because of the enormous demand for Elvis records following his death. But remember, because of the infamous sale of Elvis' entire back cataloge to RCA in 1973, only the royalties made from recordings made after March 1st 1973 made its way to the estate. That is, what was left of it after the Col. had taken his redoubtable share of the cake. The CBS special "Elvis in Concert" also provided some income, but the estate's share was no more than $750.000.
Vernon obviously needed money to keep Graceland, and one of the first thing he sold was his own house and moved back into Graceland. Next, he sold the "Hound Dog 2" jet, and then (in May 1978) the "Lisa Marie" jet. (This is the same jet's that Priscilla later bought back, now on display at Graceland (on the grounds Elvis purchased as late as sometime in 1976 as far as I can remember). It's my guess that it was Vernon who sold the Chino house as well, and not Priscilla, but I don't know for sure. But I just can not see any reason for him to try keep this house more than his own house. When Vernon died the financial situation was no good, and it was up to Priscilla to save her daughters inheritance. If I remember correctly the city of Memphis tried to buy Graceland twice, but Priscilla turned down the offers. The highest offer, made in 1981, was $12 million I believe. But the estate needed money, and the first thing she planned was to sue Elvis' former entourage for money Elvis had given them through the years. Marty was the first one on the list (sort of a test case as far as I understand), and we all know how that went. Priscilla and the estate found out that you don't play games with Marty, and quickly dropped the suit. This unsuccessful attempt to sue Marty probably saved a lot of the other members of the Memphis Mafia and others to get sued as well. (Perhaps you'd like to comment and/or add something here, Marty?)
Anyway, after that inferior and immoral attempt to raise money failed, Priscilla found out that Graceland had to be opened to the public if it was to be saved for her daughter to inherit. In short, she hired Jack Soden, took $500.000 in cash plus $60.000 in advanced ticket sale to make the arrangements, and opened the gates in June 1982. A stiff month later the $560.000 investment was returned, and the cash flow still continues...
As I see it, Priscilla did not do anything wrong as Vernon's successor before she got the idea to sue Elvis' buddies. She's done other stuff as well, later on, that she should never have done IMO. But she's also done things I agree with. Sometimes I feel like most Elvis-fans gets worked up no matter what Priscilla do or says without giving it some thought. Like the CKX deal for example. I got the impression that most fans almost wanted to lynch Priscilla for agree to such a deal, and Lisa wasn't that much better either in many fans' eyes. I couldn't see anything wrong with it then, and I don't see anything wrong with it now. Rather the contrary. When it happened I also stated so here on aek but I can't remember many supporting my utterance on this matter.
Anyway, my point is that something does not necessarily have to be negative just because Priscilla is involved. I'm not what can be called a fan of Priscilla myself, but that does not mean that I think that everything she does or say is wrong. Of course, many times it is, and I have no problem to run down Priscilla on certain issues, but never without any basis to do so. Priscilla is a buisiness woman. Some might say a cold blooded buisiness woman, and I'll agree to that in some, perhaps most, ways.
In closing, whoever sold the Chino house was in their full rights to do so, and also, they did the right thing IMO. And I'm sure if you allow yourself to think rational about this you will agree with me.
Note: Most of the sums cited above was found in "Elvis Inc" by Sean O'Neal. Great book BTW! -- T.
Mr. T wrote: > Blair Kavanagh wrote: > > Luuk wrote: > >> * I do not know the correct word for this. > >> It means that the person taking care of the minor has (limited) > >> authority over the money/goods.
> > I think the legal word you're looking for Luuk is called a 'trustee' > > or 'executer' of the estate.
> > However I was wondering, what gives this person/persons the right to > > sell an asset that was left to a child?
> > That is a bad loophole. I have no doubt that Cilla was behind this > > action aided by a weak willed Vernon.
> > Blair
> Blair, > Graceland did not always have the cash flow it has today, you know. The > first years after Elvis' death, and until it was opened to the public, > Graceland was nothing but a huge item of expenditure. If Priscilla did sell > the Chino house, and "was behind this action", as you call it, I fully > understand it and can't see anything wrong with it all. I don't know for > sure when the house was sold, but according to various books it was sold in > 1979. If this is true, the only thing that makes me wonder is that it wasn't > sold before. It's not easy to explain it all with just a few lines, and I'm > far from being an "expert" on the subject, but I'll try.
> First, Priscilla had nothing to do with the estate before Vernon died. > Vernon was the executer and in charge of Elvis' estate and was, within > limits stated by the law, free to do as he felt necessary to best preserve > the estate. For doing this job a Memphis court ruled that Vernon was to > receive $28.000. He was also to receive $1.400 a week, the same salary he > reportedly got when Elvis was alive. Everything Vernon did was overseen by > some judicial authority. And likewise, everything Priscilla do (or did) was > also overseen by the same judicial authority. (I don't know how things are > nowadays after CKX got involved and all).
> Elvis' will allowed Vernon to choose his own successor(s), and he did > personal choose Priscilla, and Joseph Hanks (the accountant), and the > National Bank of Commerce. If Vernon had not appointed any successor(s), the > latter would have been the sole successor according to Elvis' will. As far > as I understand Priscilla was very eager to be appointed executor, and > probably worked Vernon some to make this happen. This is of course > understandable. She wanted to be able to look after her daughter's interest. > And her own interest as well for that matter.
> The estate was almost bankrupt at the time of Elvis' death and the cost of > maintaining Graceland alone was reportedly around half a million dollars. > This much because of the extended security needed at Graceland after Elvis' > body was moved from the cemetery and to the grounds. Also, early 1978, the > National Bank of Commerce (the same bank that would become one of the > successors after Vernon's death) sued the estate for the payment of three > loans totaling $1.4 million. Then the IRS increased the value of Graceland > from $5 million to $22.5 million, and three years later in 1981, did a > second appraisal where it was determined the estate owed an additional $10 > million in inheritance taxes. And this is just parts of the expenses the > estate had to deal with.
> The first year or so after Elvis' death the estate's income wasn't that bad > because of the enormous demand for Elvis records following his death. But > remember, because of the infamous sale of Elvis' entire back cataloge to RCA > in 1973, only the royalties made from recordings made after March 1st 1973 > made its way to the estate. That is, what was left of it after the Col. had > taken his redoubtable share of the cake. The CBS special "Elvis in Concert" > also provided some income, but the estate's share was no more than $750.000.
> Vernon obviously needed money to keep Graceland, and one of the first thing > he sold was his own house and moved back into Graceland. Next, he sold the > "Hound Dog 2" jet, and then (in May 1978) the "Lisa Marie" jet. (This is the > same jet's that Priscilla later bought back, now on display at Graceland (on > the grounds Elvis purchased as late as sometime in 1976 as far as I can > remember). It's my guess that it was Vernon who sold the Chino house as > well, and not Priscilla, but I don't know for sure. But I just can not see > any reason for him to try keep this house more than his own house. > When Vernon died the financial situation was no good, and it was up to > Priscilla to save her daughters inheritance. If I remember correctly the > city of Memphis tried to buy Graceland twice, but Priscilla turned down the > offers. The highest offer, made in 1981, was $12 million I believe. But the > estate needed money, and the first thing she planned was to sue Elvis' > former entourage for money Elvis had given them through the years. Marty was > the first one on the list (sort of a test case as far as I understand), and > we all know how that went. Priscilla and the estate found out that you don't > play games with Marty, and quickly dropped the suit. This unsuccessful > attempt to sue Marty probably saved a lot of the other members of the > Memphis Mafia and others to get sued as well. (Perhaps you'd like to comment > and/or add something here, Marty?)
> Anyway, after that inferior and immoral attempt to raise money failed, > Priscilla found out that Graceland had to be opened to the > public if it was to be saved for her daughter to inherit. In short, she > hired Jack Soden, took $500.000 in cash plus $60.000 in advanced ticket sale > to make the arrangements, and opened the gates in June 1982. A stiff month > later the $560.000 investment was returned, and the cash flow still > continues...
> As I see it, Priscilla did not do anything wrong as Vernon's successor > before she got the idea to sue Elvis' buddies. She's done other stuff as > well, later on, that she should never have done IMO. But she's also done > things I agree with. Sometimes I feel like most Elvis-fans gets worked up no > matter what Priscilla do or says without giving it some thought. Like the > CKX deal for example. I got the impression that most fans almost wanted to > lynch Priscilla for agree to such a deal, and Lisa wasn't that much better > either in many fans' eyes. I couldn't see anything wrong with it then, and I > don't see anything wrong with it now. Rather the contrary. When it happened > I also stated so here on aek but I can't remember many supporting my > utterance on this matter.
> Anyway, my point is that something does not necessarily have to be negative > just because Priscilla is involved. I'm not what can be called a fan of > Priscilla myself, but that does not mean that I think that everything she > does or say is wrong. Of course, many times it is, and I have no problem to > run down Priscilla on certain issues, but never without any basis to do so. > Priscilla is a buisiness woman. Some might say a cold blooded buisiness > woman, and I'll agree to that in some, perhaps most, ways.
> In closing, whoever sold the Chino house was in their full rights to do so, > and also, they did the right thing IMO. And I'm sure if you allow yourself > to think rational about this you will agree with me.
> Note: Most of the sums cited above was found in "Elvis Inc" by Sean O'Neal. > Great book BTW! > -- > T.
Very interesting read Mr T..thanks I have a friend who likes to research real estate among other things, if I get an answer about who actually sold the Chino house I'll let you know.
"Elvis Inc" was/is a very good book, it's been quite awhile since I've read it and your post has renewed my interest to read it again.
> Blair Kavanagh wrote: > > Luuk wrote: > >> * I do not know the correct word for this. > >> It means that the person taking care of the minor has (limited) > >> authority over the money/goods.
> > I think the legal word you're looking for Luuk is called a 'trustee' > > or 'executer' of the estate.
> > However I was wondering, what gives this person/persons the right to > > sell an asset that was left to a child?
> > That is a bad loophole. I have no doubt that Cilla was behind this > > action aided by a weak willed Vernon.
> > Blair
> Blair, > Graceland did not always have the cash flow it has today, you know. The > first years after Elvis' death, and until it was opened to the public, > Graceland was nothing but a huge item of expenditure. If Priscilla did sell > the Chino house, and "was behind this action", as you call it, I fully > understand it and can't see anything wrong with it all. I don't know for > sure when the house was sold, but according to various books it was sold in > 1979. If this is true, the only thing that makes me wonder is that it wasn't > sold before. It's not easy to explain it all with just a few lines, and I'm > far from being an "expert" on the subject, but I'll try.
> First, Priscilla had nothing to do with the estate before Vernon died. > Vernon was the executer and in charge of Elvis' estate and was, within > limits stated by the law, free to do as he felt necessary to best preserve > the estate. For doing this job a Memphis court ruled that Vernon was to > receive $28.000. He was also to receive $1.400 a week, the same salary he > reportedly got when Elvis was alive. Everything Vernon did was overseen by > some judicial authority. And likewise, everything Priscilla do (or did) was > also overseen by the same judicial authority. (I don't know how things are > nowadays after CKX got involved and all).
> Elvis' will allowed Vernon to choose his own successor(s), and he did > personal choose Priscilla, and Joseph Hanks (the accountant), and the > National Bank of Commerce. If Vernon had not appointed any successor(s), the > latter would have been the sole successor according to Elvis' will. As far > as I understand Priscilla was very eager to be appointed executor, and > probably worked Vernon some to make this happen. This is of course > understandable. She wanted to be able to look after her daughter's interest. > And her own interest as well for that matter.
> The estate was almost bankrupt at the time of Elvis' death and the cost of > maintaining Graceland alone was reportedly around half a million dollars. > This much because of the extended security needed at Graceland after Elvis' > body was moved from the cemetery and to the grounds. Also, early 1978, the > National Bank of Commerce (the same bank that would become one of the > successors after Vernon's death) sued the estate for the payment of three > loans totaling $1.4 million. Then the IRS increased the value of Graceland > from $5 million to $22.5 million, and three years later in 1981, did a > second appraisal where it was determined the estate owed an additional $10 > million in inheritance taxes. And this is just parts of the expenses the > estate had to deal with.
> The first year or so after Elvis' death the estate's income wasn't that bad > because of the enormous demand for Elvis records following his death. But > remember, because of the infamous sale of Elvis' entire back cataloge to RCA > in 1973, only the royalties made from recordings made after March 1st 1973 > made its way to the estate. That is, what was left of it after the Col. had > taken his redoubtable share of the cake. The CBS special "Elvis in Concert" > also provided some income, but the estate's share was no more than $750.000.
> Vernon obviously needed money to keep Graceland, and one of the first thing > he sold was his own house and moved back into Graceland. Next, he sold the > "Hound Dog 2" jet, and then (in May 1978) the "Lisa Marie" jet. (This is the > same jet's that Priscilla later bought back, now on display at Graceland (on > the grounds Elvis purchased as late as sometime in 1976 as far as I can > remember). It's my guess that it was Vernon who sold the Chino house as > well, and not Priscilla, but I don't know for sure. But I just can not see > any reason for him to try keep this house more than his own house. > When Vernon died the financial situation was no good, and it was up to > Priscilla to save her daughters inheritance. If I remember correctly the > city of Memphis tried to buy Graceland twice, but Priscilla turned down the > offers. The highest offer, made in 1981, was $12 million I believe. But the > estate needed money, and the first thing she planned was to sue Elvis' > former entourage for money Elvis had given them through the years. Marty was > the first one on the list (sort of a test case as far as I understand), and > we all know how that went. Priscilla and the estate found out that you don't > play games with Marty, and quickly dropped the suit. This unsuccessful > attempt to sue Marty probably saved a lot of the other members of the > Memphis Mafia and others to get sued as well. (Perhaps you'd like to comment > and/or add something here, Marty?)
T,
You said it all well. A couple of letters had been sent to other guys but they waited to see what would happent to me. That is one of the things that Elvis would have slapped the shit out of her for doing.
The rest of your message is good but I remind you that there was and advisory Board made up of people from the bank and business leaders who basically came up with the idea of saving Graceland and they were responsible for the majority of the success not Priscilla. She had only one business experience before she caught Vernon on his death bed to make her one of the Executors and that was her failed boutique in L.A..
Plus, like I've always said, Scatter could have opened Graceland and made a lot of money.
> Anyway, after that inferior and immoral attempt to raise money failed, > Priscilla found out that Graceland had to be opened to the > public if it was to be saved for her daughter to inherit. In short, she > hired Jack Soden, took $500.000 in cash plus $60.000 in advanced ticket sale > to make the arrangements, and opened the gates in June 1982. A stiff month > later the $560.000 investment was returned, and the cash flow still > continues...
> As I see it, Priscilla did not do anything wrong as Vernon's successor > before she got the idea to sue Elvis' buddies. She's done other stuff as > well, later on, that she should never have done IMO. But she's also done > things I agree with. Sometimes I feel like most Elvis-fans gets worked up no > matter what Priscilla do or says without giving it some thought. Like the > CKX deal for example. I got the impression that most fans almost wanted to > lynch Priscilla for agree to such a deal, and Lisa wasn't that much better > either in many fans' eyes. I couldn't see anything wrong with it then, and I > don't see anything wrong with it now. Rather the contrary. When it happened > I also stated so here on aek but I can't remember many supporting my > utterance on this matter.
> Anyway, my point is that something does not necessarily have to be negative > just because Priscilla is involved. I'm not what can be called a fan of > Priscilla myself, but that does not mean that I think that everything she > does or say is wrong. Of course, many times it is, and I have no problem to > run down Priscilla on certain issues, but never without any basis to do so. > Priscilla is a buisiness woman. Some might say a cold blooded buisiness > woman, and I'll agree to that in some, perhaps most, ways.
> In closing, whoever sold the Chino house was in their full rights to do so, > and also, they did the right thing IMO. And I'm sure if you allow yourself > to think rational about this you will agree with me.
> Note: Most of the sums cited above was found in "Elvis Inc" by Sean O'Neal. > Great book BTW! > -- > T.
Marty wrote: > "Mr. T" <not@valid> wrote in message > news:q--dnV8gjI1CxWLeRVnzvA@telenor.com... >> Blair Kavanagh wrote: >>> Luuk wrote: >>>> * I do not know the correct word for this. >>>> It means that the person taking care of the minor has (limited) >>>> authority over the money/goods.
>>> I think the legal word you're looking for Luuk is called a 'trustee' >>> or 'executer' of the estate.
>>> However I was wondering, what gives this person/persons the right to >>> sell an asset that was left to a child?
>>> That is a bad loophole. I have no doubt that Cilla was behind this >>> action aided by a weak willed Vernon.
>>> Blair
>> Blair, >> Graceland did not always have the cash flow it has today, you know. >> The first years after Elvis' death, and until it was opened to the >> public, Graceland was nothing but a huge item of expenditure. If >> Priscilla did sell the Chino house, and "was behind this action", as >> you call it, I fully understand it and can't see anything wrong with >> it all. I don't know for sure when the house was sold, but according >> to various books it was sold in 1979. If this is true, the only >> thing that makes me wonder is that it wasn't sold before. It's not >> easy to explain it all with just a few lines, and I'm far from being >> an "expert" on the subject, but I'll try.
>> First, Priscilla had nothing to do with the estate before Vernon >> died. Vernon was the executer and in charge of Elvis' estate and >> was, within limits stated by the law, free to do as he felt >> necessary to best preserve the estate. For doing this job a Memphis >> court ruled that Vernon was to receive $28.000. He was also to >> receive $1.400 a week, the same salary he reportedly got when Elvis >> was alive. Everything Vernon did was overseen by some judicial >> authority. And likewise, everything Priscilla do (or did) was also >> overseen by the same judicial authority. (I don't know how things >> are nowadays after CKX got involved and all).
>> Elvis' will allowed Vernon to choose his own successor(s), and he did >> personal choose Priscilla, and Joseph Hanks (the accountant), and the >> National Bank of Commerce. If Vernon had not appointed any >> successor(s), the latter would have been the sole successor >> according to Elvis' will. As far as I understand Priscilla was very >> eager to be appointed executor, and probably worked Vernon some to >> make this happen. This is of course understandable. She wanted to be >> able to look after her daughter's interest. And her own interest as >> well for that matter.
>> The estate was almost bankrupt at the time of Elvis' death and the >> cost of maintaining Graceland alone was reportedly around half a >> million dollars. This much because of the extended security needed >> at Graceland after Elvis' body was moved from the cemetery and to >> the grounds. Also, early 1978, the National Bank of Commerce (the >> same bank that would become one of the successors after Vernon's >> death) sued the estate for the payment of three loans totaling $1.4 >> million. Then the IRS increased the value of Graceland from $5 >> million to $22.5 million, and three years later in 1981, did a >> second appraisal where it was determined the estate owed an >> additional $10 million in inheritance taxes. And this is just parts >> of the expenses the estate had to deal with.
>> The first year or so after Elvis' death the estate's income wasn't >> that bad because of the enormous demand for Elvis records following >> his death. But remember, because of the infamous sale of Elvis' >> entire back cataloge to RCA in 1973, only the royalties made from >> recordings made after March 1st 1973 made its way to the estate. >> That is, what was left of it after the Col. had taken his >> redoubtable share of the cake. The CBS special "Elvis in Concert" >> also provided some income, but the estate's share was no more than >> $750.000.
>> Vernon obviously needed money to keep Graceland, and one of the >> first thing he sold was his own house and moved back into Graceland. >> Next, he sold the "Hound Dog 2" jet, and then (in May 1978) the >> "Lisa Marie" jet. (This is the same jet's that Priscilla later >> bought back, now on display at Graceland (on the grounds Elvis >> purchased as late as sometime in 1976 as far as I can remember). >> It's my guess that it was Vernon who sold the Chino house as well, >> and not Priscilla, but I don't know for sure. But I just can not see >> any reason for him to try keep this house more than his own house. >> When Vernon died the financial situation was no good, and it was up >> to Priscilla to save her daughters inheritance. If I remember >> correctly the city of Memphis tried to buy Graceland twice, but >> Priscilla turned down the offers. The highest offer, made in 1981, >> was $12 million I believe. But the estate needed money, and the >> first thing she planned was to sue Elvis' former entourage for money >> Elvis had given them through the years. Marty was the first one on >> the list (sort of a test case as far as I understand), and we all >> know how that went. Priscilla and the estate found out that you >> don't play games with Marty, and quickly dropped the suit. This >> unsuccessful attempt to sue Marty probably saved a lot of the other >> members of the Memphis Mafia and others to get sued as well. >> (Perhaps you'd like to comment and/or add something here, Marty?)
> T,
> You said it all well. A couple of letters had been sent to other > guys but they waited to see what would happent to me. That is one of > the things that Elvis would have slapped the shit out of her for > doing.
> The rest of your message is good but I remind you that there was and > advisory Board made up of people from the bank and business leaders > who basically came up with the idea of saving Graceland and they were > responsible for the majority of the success not Priscilla. She had > only one business experience before she caught Vernon on his death > bed to make her one of the Executors and that was her failed boutique > in L.A..
> Plus, like I've always said, Scatter could have opened Graceland and > made a lot of money.
> Marty
Thanks for your input, Marty. You're probably right, my only defence is that Priscilla was/is the leader of the pack, and also the name we have learned to associate with EPE, so its easy to credit Priscilla alone on decisions made by the organization. -- T.
>> Anyway, after that inferior and immoral attempt to raise money >> failed, Priscilla found out that Graceland had to be opened to the >> public if it was to be saved for her daughter to inherit. In short, >> she hired Jack Soden, took $500.000 in cash plus $60.000 in advanced >> ticket sale to make the arrangements, and opened the gates in June >> 1982. A stiff month later the $560.000 investment was returned, and >> the cash flow still continues...
>> As I see it, Priscilla did not do anything wrong as Vernon's >> successor before she got the idea to sue Elvis' buddies. She's done >> other stuff as well, later on, that she should never have done IMO. >> But she's also done things I agree with. Sometimes I feel like most >> Elvis-fans gets worked up no matter what Priscilla do or says >> without giving it some thought. Like the CKX deal for example. I got >> the impression that most fans almost wanted to lynch Priscilla for >> agree to such a deal, and Lisa wasn't that much better either in >> many fans' eyes. I couldn't see anything wrong with it then, and I >> don't see anything wrong with it now. Rather the contrary. When it >> happened I also stated so here on aek but I can't remember many >> supporting my utterance on this matter.
>> Anyway, my point is that something does not necessarily have to be >> negative just because Priscilla is involved. I'm not what can be >> called a fan of Priscilla myself, but that does not mean that I >> think that everything she does or say is wrong. Of course, many >> times it is, and I have no problem to run down Priscilla on certain >> issues, but never without any basis to do so. Priscilla is a >> buisiness woman. Some might say a cold blooded buisiness woman, and >> I'll agree to that in some, perhaps most, ways.
>> In closing, whoever sold the Chino house was in their full rights to >> do so, and also, they did the right thing IMO. And I'm sure if you >> allow yourself to think rational about this you will agree with me.
>> Note: Most of the sums cited above was found in "Elvis Inc" by Sean >> O'Neal. Great book BTW! >> -- >> T.
Dawn in Memphis wrote: > Mr. T wrote: >> Blair Kavanagh wrote: >>> Luuk wrote: >>>> * I do not know the correct word for this. >>>> It means that the person taking care of the minor has (limited) >>>> authority over the money/goods.
>>> I think the legal word you're looking for Luuk is called a 'trustee' >>> or 'executer' of the estate.
>>> However I was wondering, what gives this person/persons the right to >>> sell an asset that was left to a child?
>>> That is a bad loophole. I have no doubt that Cilla was behind this >>> action aided by a weak willed Vernon.
>>> Blair
>> Blair, >> Graceland did not always have the cash flow it has today, you know. >> The first years after Elvis' death, and until it was opened to the >> public, Graceland was nothing but a huge item of expenditure. If >> Priscilla did sell the Chino house, and "was behind this action", as >> you call it, I fully understand it and can't see anything wrong with >> it all. I don't know for sure when the house was sold, but according >> to various books it was sold in 1979. If this is true, the only >> thing that makes me wonder is that it wasn't sold before. It's not >> easy to explain it all with just a few lines, and I'm far from being >> an "expert" on the subject, but I'll try.
>> First, Priscilla had nothing to do with the estate before Vernon >> died. Vernon was the executer and in charge of Elvis' estate and >> was, within limits stated by the law, free to do as he felt >> necessary to best preserve the estate. For doing this job a Memphis >> court ruled that Vernon was to receive $28.000. He was also to >> receive $1.400 a week, the same salary he reportedly got when Elvis >> was alive. Everything Vernon did was overseen by some judicial >> authority. And likewise, everything Priscilla do (or did) was also >> overseen by the same judicial authority. (I don't know how things >> are nowadays after CKX got involved and all).
>> Elvis' will allowed Vernon to choose his own successor(s), and he did >> personal choose Priscilla, and Joseph Hanks (the accountant), and the >> National Bank of Commerce. If Vernon had not appointed any >> successor(s), the latter would have been the sole successor >> according to Elvis' will. As far as I understand Priscilla was very >> eager to be appointed executor, and probably worked Vernon some to >> make this happen. This is of course understandable. She wanted to be >> able to look after her daughter's interest. And her own interest as >> well for that matter.
>> The estate was almost bankrupt at the time of Elvis' death and the >> cost of maintaining Graceland alone was reportedly around half a >> million dollars. This much because of the extended security needed >> at Graceland after Elvis' body was moved from the cemetery and to >> the grounds. Also, early 1978, the National Bank of Commerce (the >> same bank that would become one of the successors after Vernon's >> death) sued the estate for the payment of three loans totaling $1.4 >> million. Then the IRS increased the value of Graceland from $5 >> million to $22.5 million, and three years later in 1981, did a >> second appraisal where it was determined the estate owed an >> additional $10 million in inheritance taxes. And this is just parts >> of the expenses the estate had to deal with.
>> The first year or so after Elvis' death the estate's income wasn't >> that bad because of the enormous demand for Elvis records following >> his death. But remember, because of the infamous sale of Elvis' >> entire back cataloge to RCA in 1973, only the royalties made from >> recordings made after March 1st 1973 made its way to the estate. >> That is, what was left of it after the Col. had taken his >> redoubtable share of the cake. The CBS special "Elvis in Concert" >> also provided some income, but the estate's share was no more than >> $750.000.
>> Vernon obviously needed money to keep Graceland, and one of the >> first thing he sold was his own house and moved back into Graceland. >> Next, he sold the "Hound Dog 2" jet, and then (in May 1978) the >> "Lisa Marie" jet. (This is the same jet's that Priscilla later >> bought back, now on display at Graceland (on the grounds Elvis >> purchased as late as sometime in 1976 as far as I can remember). >> It's my guess that it was Vernon who sold the Chino house as well, >> and not Priscilla, but I don't know for sure. But I just can not see >> any reason for him to try keep this house more than his own house. >> When Vernon died the financial situation was no good, and it was up >> to Priscilla to save her daughters inheritance. If I remember >> correctly the city of Memphis tried to buy Graceland twice, but >> Priscilla turned down the offers. The highest offer, made in 1981, >> was $12 million I believe. But the estate needed money, and the >> first thing she planned was to sue Elvis' former entourage for money >> Elvis had given them through the years. Marty was the first one on >> the list (sort of a test case as far as I understand), and we all >> know how that went. Priscilla and the estate found out that you >> don't play games with Marty, and quickly dropped the suit. This >> unsuccessful attempt to sue Marty probably saved a lot of the other >> members of the Memphis Mafia and others to get sued as well. >> (Perhaps you'd like to comment and/or add something here, Marty?)
>> Anyway, after that inferior and immoral attempt to raise money >> failed, Priscilla found out that Graceland had to be opened to the >> public if it was to be saved for her daughter to inherit. In short, >> she hired Jack Soden, took $500.000 in cash plus $60.000 in advanced >> ticket sale to make the arrangements, and opened the gates in June >> 1982. A stiff month later the $560.000 investment was returned, and >> the cash flow still continues...
>> As I see it, Priscilla did not do anything wrong as Vernon's >> successor before she got the idea to sue Elvis' buddies. She's done >> other stuff as well, later on, that she should never have done IMO. >> But she's also done things I agree with. Sometimes I feel like most >> Elvis-fans gets worked up no matter what Priscilla do or says >> without giving it some thought. Like the CKX deal for example. I got >> the impression that most fans almost wanted to lynch Priscilla for >> agree to such a deal, and Lisa wasn't that much better either in >> many fans' eyes. I couldn't see anything wrong with it then, and I >> don't see anything wrong with it now. Rather the contrary. When it >> happened I also stated so here on aek but I can't remember many >> supporting my utterance on this matter.
>> Anyway, my point is that something does not necessarily have to be >> negative just because Priscilla is involved. I'm not what can be >> called a fan of Priscilla myself, but that does not mean that I >> think that everything she does or say is wrong. Of course, many >> times it is, and I have no problem to run down Priscilla on certain >> issues, but never without any basis to do so. Priscilla is a >> buisiness woman. Some might say a cold blooded buisiness woman, and >> I'll agree to that in some, perhaps most, ways.
>> In closing, whoever sold the Chino house was in their full rights to >> do so, and also, they did the right thing IMO. And I'm sure if you >> allow yourself to think rational about this you will agree with me.
>> Note: Most of the sums cited above was found in "Elvis Inc" by Sean >> O'Neal. Great book BTW! >> -- >> T.
> Very interesting read Mr T..thanks > I have a friend who likes to research > real estate among other things, if I > get an answer about who actually sold > the Chino house I'll let you know.
> "Elvis Inc" was/is a very good book, it's > been quite awhile since I've read it and your > post has renewed my interest to read it again.
Thanks Dawn, Yes it would be interesting to know exact when the house was sold. -- T.
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