One of Elvis’ granddaughters; Riley Keough, is now legally in charge of much of the remaining Elvis estate. This is how his daughter, Lisa Marie, wanted it.
If Riley is smart, she will do something similar to what you just described, buy up much of the surrounding area and rebuild it. I’ve heard many folks say they are now afraid to visit Graceland, because it looks like the Ghetto, and the people nearby don’t look trustworthy.
"In the Ghetoooooo!"