How Colonel Tom Parker bought out Elvis Presley's contract when he had no money?
The incredible story of how Colonel Tom Parker bought Elvis Presley’s contract when he was a broke salesman with little industry experience or connections.
In 1955, the mysterious Parker asked record producer and label owner Sam Phillips whether he would sell Elvis and Sam Phillips said he would “if the price was right”. He said a price of $35,000 for the contract which he thought nobody would ever pay.
Parker was no Simon Cowell at the time and had no money, let alone $35,000, a small fortune in 1955. Colonel Tom Parker was a Dutch national who had jumped ship at age 18. He never left America and lived as an illegal immigrant with a shady past selling herbal remedies around carnivals in the South.
He had seen Elvis sing and knew he had something special. He wanted to manage Elvis and realised that his current company, Sun Records, could only take him so far. But with no money and no industry experience how on earth was he going to pull off the deal?
Most people would have given up, but the resourceful Colonel went to the much bigger RCA Victor record company who put up the money to buy out Presley’s contract from Sun Records owner Sam Phillips for $35,000. The Colonel became his manager on an unheard of 50-50 deal and total control of the young star.
Parker pulled off the music deal of the century, using none of his own money, by packaging Elvis Presley to a larger company and using their resources to turn his protege into a worldwide superstar. Elvis Presley went on to star in Hollywood movies and sell an estimated 600,000 to 1 billion records. He is still the best-selling solo artist of all time.
The same principle used by Colonel Tom Parker to tie up the Elvis contract also applies to other businesses and property deals.
You don’t need your own money to buy a property and you don’t even need to buy the property to make money out of it. You can use other people’s money, joint ventures, options or package the deal to sell to another investor for a fee.
If you’d like more information on how to quit the rat race, email me at [email protected] or send me a message through Facebook or my Money Tips Daily community.
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By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.
There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.
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