Many Elvis artifacts are being held by a Las Vegas Casino as collateral.
Miles away from his Graceland home, many Elvis artifacts are residing in the Westgate Las Vegas Resort and Casino.
The Elvis estate wants them back.
How did this predicament occur?
According to a recent Trust Advisor article titled “Casino Still Holding Elvis Presley Items Sought By Estate, the argument is the result of a leasing issue.
The estate had signed a contract for the “Graceland Presents Elvis” display with the Westgate Casino where Elvis had performed several times.
The Casino is holding the items until they receive compensation for the money it lost because Graceland defaulted on the lease.
Graceland says the casino has no legal right to hold the items.
How will this dispute be solved?
No one knows the end result, but the two groups are headed to arbitration to settle the dispute.
Is there an end in sight?
The parties both hope to receive a decision in the next few weeks.
What can we learn from this?
I really do not know.
It is not every day Elvis artifacts are held hostage by a casino.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
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Reference: Trust Advisor (May 1, 2017) “Casino Still Holding Elvis Presley Items Sought By Estate”