Elvis Presley Enterprises Inc. has bought a property that sits next to Graceland and houses a souvenir shop whose owners sued EPE last year for conspiracy to eliminate competitors.
EPE paid $465,000 for 3706 Elvis Presley Blvd. from the Jefan Trust of Boca Raton, Fla., with Susan Sandelman as trustee.
Formerly an auto service garage, the 4,000-square foot store was built in 1975 and sits on approximately one-third of an acre due north of Graceland. The Shelby County Assessor of Property's 2008 appraisal is $168,200.
The space is now leased by Boulevard Souvenirs, which is owned by Rick and Renae Roberts. Boulevard Souvenirs had leased the property from Global Real Estate LLC until EPE bought the assignment of rents and leases from Global Real Estate earlier this year. Those assignments state that the tenant's lease is $1,178.33 per month.
Calls to EPE were not returned by press time.
Published: august 24th 2008 02:01 PM.
Source: Elvis Unlimited / Published by: ElvisMatters - Peter Verbruggen .