The group of investors is led by Mississippi native, Davage "Buddy" Runnels Jr., the founder and owner of Real Estate International, Inc. (REI). REI, based in Destin, Florida, is a commercial and residential development group established over 47 years ago.
Kennedy Funding Financial of Englewood Cliffs, N.J. announced Wednesday it had closed a loan for $2.3 million for the purchase of the ranch. A news release announcing the loan stated the price of the property as $3.65 million. The loan is a three-year, interest-only loan secured by a first lien on the property.
The 231 acre tract, of which 163 acres is well known for once being owned by Elvis Presley and his wife, Priscilla. Elvis and Priscilla, spent some of their May 1967 Honeymoon at the ranch. Priscilla has spoken about being a wife to Elvis while cooking breakfast at the Circle G Ranch. The property is rich in historical features including the Honeymoon Cottage shared by Elvis and Priscilla, the stable where Elvis kept his horses, a 14 acre lake and a prominent 55 foot cross.
The ranch is about 10-15 minutes miles from Graceland.
Elvis bought the ranch for $300,000 and used it as a getaway spot from his public life. Elvis purchased horses, riding gear, farm equipment, pick up trucks, and mobile homes for his friends to be with him at the Circle G. The "G" in Circle G is for Elvis' mother, Gladys. Elvis sold the property in 1972.
Kevin Wolfer, president and CEO of Kennedy Funding Financial stated in the news release, "The new owner will have a number of options for preserving and making the best possible use of this extraordinary property."
Specific plans for the restoration of the property will be announced in the future. For more information, visit www.circlegranch.com.
About Real Estate International, Inc. (REI)
Real Estate International, Inc. ("REI") is a full service real estate brokerage founded over 47 years ago by Davage "Buddy" Runnels, Jr. in Destin, Florida. Runnels, along with his real estate and development team, played an integral role in the establishment of the Destin area as one of the most desirable destination vacation spots by developing commercial, residential and over 11 condo projects with 2,000 units in the southeast. In addition to condo and commercial development, Runnels developed Kelly Plantation, an exclusive 900 acre master planned community along the shores of Choctawhatchee Bay in Destin, Florida. Kelly Plantation is home to a championship golf course designed by Fred Couples. The recent acquisition of Circle G Ranch, 231 acres in Horn Lake, Mississippi, previously owned by Elvis Presley, is represented by REI. For more information on REI go to www.reiinc.net.
sources: PR News Wire & Desoto Times
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