Graceland

Last month I took a trip to Memphis with my mother and 10 year old daughter. It was really more of a pilgrimage to Graceland. My mother has been an Elvis fan since he first put on those blue suede shoes but she had never visited. I don't know who had the most fun of the three of us. There is just something about Elvis Presley that is mesmerizing and somehow timeless.
Graceland is one of the most famous pieces of real estate in the world. I realized this when I was the only American in the hotel lobby one morning. I heard conversations in about 5 different languages. There are of course the famous gates that are synonymous with Elvis. While quite beautiful, the stone house isn't particularly palatial by today's standards. The land on which it sits is of rolling topography and has big beautiful trees. It's now a beautiful piece of residential property surrounded by commercial property. It is happening everywhere, even to Elvis.
The house hasn't been updated since Elvis passed. This is one of the few instances where not updating a property actually increases its value. Elvis purchased Graceland for $150,000 in 1957, a sizeable chunk of change then. Considering what Elvis paid for Graceland when he purchased it the property it is now "priceless" because Elvis lived and died there. Oh, and it would be considered a stigmitized property in the real estate business.