Elvis Presley Enterprises

Last updated
Graceland Graceland Memphis Tennessee.jpg
Graceland

Elvis Presley Enterprises, Inc. (EPE) is a corporate entity created by "The Elvis Presley Trust" to conduct business and manage its assets, including Graceland. [1] EPE's business extends far beyond the Graceland operation, and includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the ongoing development of EPE's Internet presence and the management of significant music publishing assets. [1]

Contents

Origins

After Elvis Presley's death from cardiac arrhythmia and heart failure on August 16, 1977 at Graceland, his will appointed his father, Vernon Presley, as executor and trustee. [1] The beneficiaries of the trust were Vernon, Elvis' grandmother Minnie Mae Presley, and his nine-year-old daughter Lisa Marie Presley. [1] After Vernon's death in 1979, Elvis' ex-wife Priscilla Presley was named as one of three trustees by his will with the National Bank of Commerce in Memphis, which was the bank Elvis and Vernon had done business with, and Joseph Hanks, who had been Elvis and Vernon's accountant for a number of years. [1] EPE was formally set up by Priscilla in 1979. [2] With Minnie Mae's death in 1980, Lisa Marie became the last surviving beneficiary named in Elvis's will; [1] she too died in 2023. [3]

Parker's dealings

Following Elvis' death, his manager "Colonel Tom" Parker had set up a licensing operation with Factors Etc. Inc, to control Presley merchandise and keep a steady income supporting his estate. [4] Due to an ill-advised agreement between Parker and Elvis which gave RCA sole ownership of all his recording royalties prior to 1973, the estate was relying heavily on the income from Factors Etc. Inc. [4] However, because Parker was still entitled to 50% of all Elvis' income, and after taxes were taken off, the overall amount going towards the upkeep of the estate was less than $1 million a year. [4]

By 1980 the cost of running the estate was estimated to be as much as $500,000 a year. [4] Priscilla and the Trust weren't prepared to let Parker continue to handle Elvis's business affairs, and petitioned the court to that end. [5] However, Judge Joseph Evans, aware that Lisa Marie Presley was still a minor, appointed attorney Blanchard E. Tual to investigate Parker's management. [4] [5] His preliminary finding was that Parker's management deal of 50% was extortionate compared to the industry average of 15-20%. [4] He also noted that Parker's handling of Elvis's business affairs during his lifetime, including the decision to sell off past royalties to RCA for $5.4 million in 1973, were "unethical" and poorly handled. [5] During a second, more detailed investigation, all earnings were paid directly to the Trust instead of Parker. [4] By this time, with the IRS demanding almost $15 million in taxes, the estate was facing bankruptcy. [4]

On August 14, 1981 Judge Evans ordered EPE to sue Parker for mismanagement. [6] In response to this, Parker countersued. [6] The case against Parker was settled out of court in 1983, with the estate paying him $2 million, [6] and the termination of his involvement in any Elvis related earnings for five years. [4] He was also ordered to hand over any Elvis audio recordings or visual images that he owned. [4]

Opening of Graceland

During the court case Priscilla was advised to sell Graceland to avoid bankruptcy. [6] She decided against this because did not want to sell her daughter's first home. [6] In late 1981, the estate hired Jack Soden, at the time a Missouri investment counselor, to plan and execute the opening of Graceland to the public and oversee the total operation. Graceland opened for tours on June 7, 1982. [1]

Interest in Graceland was such that EPE decided to expand its operation. In 1983, they acquired the shopping center plaza across the street from Graceland. [1] The plaza was built in the sixties, and had been a typical suburban strip shopping center. However, after Elvis' death, it became filled with Elvis souvenir shops, which carried mostly bootleg items not licensed by the Presley Estate. [1] In 1993, Graceland purchased the property and all the shops and attractions in what is now known as Graceland Plaza are owned and operated by EPE. [1]

By the mid-1980s EPE was interested in securing the rights to Elvis' image and intellectual property. [4] Following many court cases against business and private parties, EPE helped to push through new copyright and trademark legislation in the United States. [4]

In 1991, Graceland was placed on the National Register of Historic Places, [1] and in 1999 EPE purchased and redeveloped what became The Elvis Presley Heartbreak Hotel. [4]

According to Sean O'Neal, "Elvis is a cultural icon today, but he didn't become that way simply because of his talent and good looks. There was money to be made ... so a company was founded to create this icon, and it has controlled his image ... ". The author describes EPE as a "well-run marketing machine" that runs on tight regulation of Elvis's images and lawsuits, when necessary. EPE, for instance, "absolutely refuses to license a product picturing an overweight Elvis". Since 1979 "EPE has filed more than a hundred lawsuits to assert the estate's exclusive right to Elvis's name and likeness". [7] Later, EPE was wholly owned by the "Elvis Presley Trust" and Elvis' daughter, Lisa Marie Presley, until February 2005, when Robert F. X. Sillerman and his new media and entertainment company CKX acquired an 85% interest in Elvis Presley Enterprises, including its physical and intellectual properties. In November 2013, the company sold its 85% interest in EPE to Authentic Brands Group. [8]

Lisa Marie Presley's estate retains a 15% ownership in the company and she continued to be involved until her 2023 death. Her mother Priscilla Presley is also actively involved in the company. Lisa Marie's estate retains sole ownership of the mansion itself, as well as her father's personal effects. Her assets are to be inherited by her three daughters.

The company endeavors to turn Elvis Presley's former estate into an international tourist destination.

Related Research Articles

<span class="mw-page-title-main">Graceland</span> Home of Elvis Presley in Tennessee, US

Graceland is a mansion on a 13.8-acre (5.6-hectare) estate in Memphis, Tennessee, United States, once owned by American singer Elvis Presley. Presley is buried there, as are his parents, paternal grandmother, grandson, and daughter.

<span class="mw-page-title-main">Priscilla Presley</span> American actress (born 1945)

Priscilla Ann Presley is an American businesswoman and actress. She is the ex-wife of the late American singer Elvis Presley, as well as the cofounder and former chairperson of Elvis Presley Enterprises (EPE), the company that turned Graceland into one of the top tourist attractions in the United States. In her acting career, Presley costarred with Leslie Nielsen in the Naked Gun film trilogy and played Jenna Wade on the long-running television series Dallas.

<span class="mw-page-title-main">Riley Keough</span> American actress (born 1989)

Danielle Riley Keough is an American actress. She made her feature film debut in a supporting part in the musical biopic The Runaways (2010), portraying Marie Currie. Keough subsequently starred in the independent thriller The Good Doctor (2011), before being cast in a minor role in Steven Soderbergh's comedy film Magic Mike (2012). She had her first big-budget release in the action feature Mad Max: Fury Road (2015).

<span class="mw-page-title-main">Colonel Tom Parker</span> Musical entrepreneur and manager (1909–1997)

Thomas Andrew Parker, commonly known as Colonel Parker, was a Dutch-American musical entrepreneur. He was best known as the manager of Elvis Presley.

<i>Elvis Meets Nixon</i> 1997 film

Elvis Meets Nixon is a 1997 Canadian-American mockumentary film directed by Allan Arkush and starring Rick Peters, Bob Gunton, and Alyson Court. It is an embellished account of the true story of American singer Elvis Presley meeting President Richard Nixon on December 21, 1970.

<i>Elvis and Me</i> Book by Priscilla Presley

Elvis and Me: The True Story of the Love Between Priscilla Presley and the King of Rock N' Roll is a 1985 memoir written by Priscilla Presley, with Sandra Harmon. In the book, Priscilla talks about meeting Elvis Presley, their marriage, and the factors and issues that led to the couple's divorce.

The Memphis Mafia was the nickname given by the media to a group of Elvis Presley's friends, associates, employees and cousins whose main functions were to accompany, protect, and serve Presley from the beginning of his career in 1954 until his death in 1977. Several members filled practical roles; for instance, they were employed to work for Presley as bodyguards or on tour logistics and scheduling. In these cases Presley paid salaries, but most lived off fringe benefits such as gifts, cars, houses and bonuses. Over the years, the number of members grew and changed, but for the most part there was a core group who spent much time with Presley.

<i>Elvis</i> (1968 TV program) 1968 American television special

Singer Presents ... Elvis, commonly referred to as the '68 Comeback Special, is an Elvis Presley concert special that aired on NBC on December 3, 1968. It marked Presley's return to live performance after a seven-year period during which he focused on his film appearances.

Sony Pictures Television – Nonfiction is an American company founded on February 7, 2005, that owns and develops entertainment content and intellectual property. It is a division of Sony Pictures Television.

<i>From Elvis in Memphis</i> 1969 studio album by Elvis Presley

From Elvis in Memphis is the ninth studio album by American rock and roll singer Elvis Presley. It was released by RCA Records on June 2, 1969. It was recorded at American Sound Studio in Memphis in January and February 1969 under the direction of producer Chips Moman and backed by its house band, informally known as the Memphis Boys. Following the success of Presley's TV special Elvis and its soundtrack, the album marked Presley's return to non-soundtrack albums after the completion of his film contract with Metro-Goldwyn-Mayer.

Elvis: The Concert is a concert tour started in 1997 that features audio and video recordings of Elvis Presley, accompanied live by his 1970s backup band.

<i>Elvis</i> (1979 film) 1979 television film directed by John Carpenter

Elvis is a 1979 American made-for-television biographical film aired on ABC. It was directed by John Carpenter and starring Kurt Russell as Elvis Presley. It marked the first collaboration between Carpenter and Russell.

Charles Franklin Hodge, better known as Charlie Hodge, was an American singer, vocal coach and musician who was a confidant and best friend of Elvis Presley, and lived at Graceland.

<i>How Great Thou Art</i> (Elvis Presley album) 1967 studio album by Elvis Presley

How Great Thou Art is the eighth studio album by American singer and musician Elvis Presley, released by RCA Victor in February 1967. How Great Thou Art is a gospel album with slow numbers on one side, and fast-paced numbers on the flipside. The album earned Presley a Grammy Award for Best Sacred Performance, while it became a Billboard top 20 pop hit and it appeared on the Top Country Albums chart on the top 10.

<i>Elvis in Concert</i> 1977 film by Dwight Hemion

Elvis In Concert is a posthumous 1977 television special starring Elvis Presley. It was Elvis' third and final TV special, following Elvis and Aloha From Hawaii. It was filmed during Presley's final tour in the cities of Omaha, Nebraska, on June 19, 1977, and Rapid City, South Dakota, on June 21, 1977. It was broadcast on CBS on October 3, 1977, two months after Presley's death. It was transmitted by the BBC in the United Kingdom on June 9, 1978. Unlike the majority of Elvis' programs, it is unlikely to be commercially released on home video and is only available in bootleg form. This is because it showed Elvis near the end of his life when he was overweight and addicted to prescription drugs, and much of his performance reflects his poor health. However, parts of the special were used in the video documentary Elvis: The Great Performances and the theatrical documentary This is Elvis, both of which were released on home video. Parts of the special were recreated for the movie Elvis, specifically Presley's performance of "Unchained Melody".

<span class="mw-page-title-main">Personal relationships of Elvis Presley</span>

Elvis Presley had many close relationships throughout his career. The strongest of all his personal relationships, by far, was that he had with his mother Gladys, as described below.

<span class="mw-page-title-main">Lisa Marie Presley</span> American singer-songwriter (1968–2023)

Lisa Marie Presley was an American singer-songwriter. She was the only child of singer and actor Elvis Presley and actress Priscilla Presley, as well as the sole heir to her father's estate after her grandfather and her great-grandmother died. Her musical career consisted of three studio albums: To Whom It May Concern (2003), Now What (2005) and Storm & Grace (2012), with To Whom It May Concern being certified gold by the Recording Industry Association of America. Presley also released non-album singles, including duets with her father using archival recordings.

<span class="mw-page-title-main">Military career of Elvis Presley</span> Military career of musician Elvis Presley

American singer and actor Elvis Presley served in the United States Army from 1958 to 1960 after being drafted to serve in the military as an active duty soldier for two years. At the time of his enlistment, he was widely regarded as the most well-known name in the world of entertainment.

<i>Elvis</i> (2022 film) Film by Baz Luhrmann

Elvis is a 2022 epic biographical drama film co-produced and directed by Baz Luhrmann, who co-wrote the screenplay with Sam Bromell, Craig Pearce, and Jeremy Doner. It chronicles the life of the American rock and roll singer and actor Elvis Presley under the management of Colonel Tom Parker. It stars Austin Butler and Tom Hanks as Presley and Parker, respectively, with Olivia DeJonge, Helen Thomson, Richard Roxburgh, David Wenham, Kodi Smit-McPhee, and Luke Bracey in supporting roles.

<i>Priscilla</i> (film) 2023 film by Sofia Coppola

Priscilla is a 2023 American biographical drama film written, directed, and produced by Sofia Coppola, based on the 1985 memoir Elvis and Me by Priscilla Presley and Sandra Harmon. It follows the life of Priscilla and her complicated romantic relationship with Elvis Presley.

References

  1. 1 2 3 4 5 6 7 8 9 10 11 EPE Corporate Info. Archived 2010-08-18 at the Wayback Machine , Official website, Retrieved 2010-01-03
  2. ↑ "The Presley Inheritance". March 1, 1993. People.
  3. ↑ "Lisa Marie Presley, Daughter of Elvis and Priscilla, Dead at 54: 'The Most Strong and Loving Woman'". Peoplemag. Retrieved 2023-10-27.
  4. 1 2 3 4 5 6 7 8 9 10 11 12 13 Adams (2008), The Elvis Encyclopedia, p.148
  5. 1 2 3 Gaar, Gillian G (2010). Return of The King: Elvis Presley's Great Comeback. Jawbone Press. p. 239. ISBN   978-1-906002-28-2.
  6. 1 2 3 4 5 Gaar, Gillian G (2010). Return of The King: Elvis Presley's Great Comeback. Jawbone Press. p. 240. ISBN   978-1-906002-28-2.
  7. ↑ Sean O'Neal, Elvis Inc.: The Fall and Rise of the Presley Empire (1997).
  8. ↑ Sold! Elvis Presley Inc. has a new owner, CNN Money website, Retrieved 2014-05-14
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.