MEMPHIS-The new majority owner of Elvis Presley Enterprises and the manager, along with Lisa Marie Presley, of Graceland intends to invest approximately $130 million in an expansion of the iconic property.

Last month, partners National Entertainment Collectibles Association of Hillside, NJ and Authentic Brands Group LLC of New York City acquired the majority stake in Elvis Presley Enterprises and partnered with Lisa Marie Presley to manage Graceland, in a deal valued at about $130 million, according to the Memphis Business Journal.

Joel Weinshanker, president and chief operating officer of NECA, said the goal is to have the expansion project designed and built by local architects and general contractors. A total of 43 acres of the 120 acres owned by Elvis Presley Enterprises are developed.

“Everything we do will have a Southern feel because that’s who Elvis was,” Weinshanker said. “If I was in a restaurant in New Orleans and the chef was from Philadelphia, I’d get up and leave. We’re going to have a very Memphis view of everything.” See story in the Memphis Business Journal.