PALM SPRINGS - THE FATE OF ELVIS PRESLEY'S FORMER HOME IN PALM SPRINGS IS ONCE AGAIN UP IN THE AIR.
U-S BANK IS SUING THE HOME'S OWNER....TO GET THEM OUT.
THE HOME'S OWNERSHIP HISTORY IS COMPLICATED....
OUR ANGELA MONROE IS LIVE AT THE ESTATE IN PALM SPRINGS....TO SORT THIS ALL OUT...
THIS LATEST CHAPTER...BEGAN LAST YEAR...WHEN THE MAN WHO HAD LIVED IN THE "ELVIS PRESLEY ESTATE HERE IN PALM SPRINGS" LOST HIS BATTLE IN COURT AND HAD TO LEAVE THE PROPERTY.
THE PEOPLE HE LOST THAT FIGHT WITH... ARE NOW THEMSELVES FIGHTING TO KEEP THE PROPERTY FROM GOING BACK TO THE BANK.
"THIS IS THE FORMER ESTATE OF ELVIS PRESLEY IN PALM SPRINGS... A HOME PERCHED ON A HILL WITH A VAST VIEW OF THE VALLEY.
"Priscilla Presley, his ex-wife, called the Palm Springs home on Chino Canyon, his refuge from the world."
THAT REFUGE HAS NOW CHANGED HANDS SEVERAL TIMES... AND CONTINUES TO BE EMBROILED IN A LEGAL DISPUTE.
RENO FONTANA SAYS HE BOUGHT THE HOUSE FOR 1.3 MILLION DOLLARS TEN YEARS AGO.
"Called the realtor and said really Elvis's house, and he showed me the deed when I got to their office and said that's enough for me and gave him a down payment on the spot."
LAST YEAR AFTER A COURT BATTLE, FONTANA LOST THE TRIAL TO HIS LENDER... RADE RAICEVIC
RAICEVIC IS NOW HIMSELF FIGHTING FOR THE HOUSE IN COURT.
"We also filed bankruptcy because Reno Fontana was not paying any payment, and we incurred a much higher balance."
"The payments weren't just current, they were paid in advance, the foreclosure should never have happened, they went ahead, and best I can figure is it was a business decision on their part, thought they might, and we're talking about a 10 million dollar equity."
ACCORDING TO COURT PAPERS... THE DEED OF TRUST WAS EXECUTED TO RAICEVIC IN NOVEMBER 2006... BUT IT WAS SOLD IN FORECLOSURE TO US BANK IN THIS PAST SEPTEMBER.
"We believe that the bankruptcy proceedings will help to bring the bank to negotiate a settlement with us."
RAICEVIC SAYS HE BELIEVES THERE WILL BE A SETTLEMENT BEFORE THE NEXT COURT DATE... AND HAS LISTED THE HOUSE FOR SALE.
"We put house on the market for sale by owner now, we're asking four million dollars, and I believe a lot of buyers who're interested in this unique property."
MEANWHILE, FONTANA IS ALSO WAITING TO SEE HOW THIS COURT BATTLE GOES... BECAUSE HE HOPES TO BUY THE HOUSE AGAIN.
"It's your baby, you rock it, that's the title of one of his songs, so this is my baby and I'm going to keep rocking it."
"COME WHAT MAY" FROM THIS COURT CASE... PEOPLE JUST "CAN'T HELP FALLING IN LOVE" WITH THE KING OF ROCK AND ROLL'S HOME HERE IN PALM SPRINGS.