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Elvis Home Becoming a Real-Life Heartbreak Hotel

Date:August 22, 2006 | Author:Diane Tuman | Category:Celebrity Real Estate

The first home Elvis ever owned was purchased with the royalties he earned making Heartbreak Hotel. How ironic that it’s turning into another sort of heartbreak – mainly for the jilted would-be buyers.

Scene I unfolded this past April when Elvis’ Memphis home went up for auction on eBay. In Scene II, all seemed to go according to plan when psychic Uri Geller and his business partners made the winning bid of $905,100. In Scene III, the sellers decided to sell to another party for $1 million, leaving Uri & Co., without their prize.

This brings us to Scene IV where the Geller party is suing the former owners for breach of contract. Who knows how many more scenes will follow, but this certainly is a coveted piece of property that was sold in 1998 for $180,000 and it sold for $1 million in July, giving our Market Value Change graphic a straight-up rocket shot into valuation space which seemed to create its own, weird real estate g force.

To be continued, we’re sure…

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Responses (7)

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Steve Oshins 11:08 PM - Aug 23,2006

Three times in six months, I have filled out Zillow’s online form to inform them of an error in data on my home. Because I merged my two parcels into one last year, Zillow has my real estate taxes at zero and therefore has dropped the Zestimate of my home from about $4 million (not including my second parcel (worth $500 to $750,000) to just over $800,000, for a house on an acre on a lake with almost 11,000 sq. ft. of house. This has now started affecting my entire neigborhood. The Zestimates for the other $3 million and $4 million houses are dropping every week because of house’s Zestimate. Zioow will not fix this and has ignored all attempts I’ve made to contact them. I’m getting fed up.
David G from Zillow.com 9:36 AM - Aug 24,2006

Steve,

We are following up by e-mail to get more details about your house. Also, we’re not ignoring you, I’m sorry that it feels that way. We read all of the feedback we receive and many homeowners tell us they’d like the ability to publish updated facts about a house and their opinion of its value. We’ve heard you and have decided to build that functionality next – soon you’ll be able to make those corrections live on teh web site.

Also, please note that a single incorrect Zestimate should not impact the Zestimate of neighboring houses. There must be something else going on there and we’ll look into it once we have your address.

Thanks again for your feedback.
Kristin Hamilton 9:37 AM - Aug 24,2006

I recently sold a beautiful home in Loma Linda, CA. The price before the sale was at $639,000 and it sold for $650,000. Now 2 months later, Zillow says this house should sell at $689,000. Wow, in the California market nothing is appreciating like that. I know for a fact that there are 101 homes for sale in this city and nothing is selling.We seem to be in a buyers market and they are setting the prices based on what they want to offer.Buyers are asking less thanks to the television and radio reports. How can Zillow keep uping the values?
Steve Oshins 2:17 PM - Aug 25,2006

David-

Thank you for your response August 24th at 9:36am to my August 23rd at 11:08pm post regarding the Zestimate of my house dropping from about $4 million to about $800,000 because Zillow hasn’t recognize my combining of two parcels from over a year ago. My address is 2800 High Sail Ct., Las Vegas, NV 89117. If you can fix this, then please let me know at soshins@oshins.com. Thank you again. [P.S. - Although I don't have access to your valuation formulas, it seems very strange that the other $3 million and $4 million houses in my neigborhood have dropped by a few hundred thousand dollars over the past few months. I suspect that my Zestimate is factored in to theirs as a comp and bringing the entire neighborhood down.]
David G from Zillow.com 4:00 PM - Aug 25,2006

Steve -
Thanks. It looks like the Zestimate is impacted by some bad tax assesment information. Our data folks are diving into what caused this and how to fix it — I’ll send you an update once we know.
Steve Oshins 10:54 PM - Aug 25,2006

David-

The bad tax assessment information is because I combined my two adjacent parcels into one single parcel of 0.98 of an acre a little more than a year ago. Zillow still think I have two parcels and thinks my 2006 real estate taxes are $0 for each, which is why the value has tanked. I combined them into one parcel – Parcel #16308611039. The value for my combined single parcel and residence should be somewhere between $3.5 million and $6 million, most likely $4 million to $5 million. Thank you again.
Jeff Schrembs 2:56 AM - Apr 11,2009

Elvis loved so many things and due to his sensitivity left all the business matters, firing, etc. up to…others.
Elvis had a special way to talking to you and his attitudes would change – the storm would hit – and then it would be over. You just never knew “which” Elvis would walk down those stairs.
Elvis had weights on both of his shoulders and his sounding board, his Mother Gladys had passed away in August of 1958, and ELvis was supporting (monetarily) OVER 100 grown men/women. That…is pressure.
When I read, see, etc. problems arise out of things Elvis loved, owned, etc. it is very “sad” because if buying it was “too big a hassle” Elvis would…go on to the next. Elvis always was in tune, with his spirit, forever telling him “time on earth is short”.
I miss Elvis Presley every moment of each day and may he be in Heaven with God, Jesus, Gladys, Vernon, Dodger, Jesse, Charlie Hodge and everyone else he loved for. Most of all may he find…peace and the love/joy we all have for him may he (finally) know about it…and accept it fully.
Jeff Schrembs
World Renowned Elvis Presley Expert & Collector