Zippin' Pippin Roller Coaster Sold For $2,500

Memphis, TN -- Libertyland's historic Zippin' Pippin wooden coaster was sold at auction for only $2,500. The roller coaster is noteworthy, since it is said to have been Elvis Presley's favorite ride.

Zippin' Pippin and Libertyland closed last year and the amusement park is in the process of having all of the rides and attractions removed from the property.

The new owners Robert Reynolds and Stephen Shutts, partners in a traveling museum called the Honky Tonk Hall of Fame & Rock-N-Roll Roadshow wanted a piece of Presley's favorite ride, but instead ended up with the entire roller coaster. They had planned to bid on only one of the roller coaster's cars.

Sadly, the roller coaster wasn't expected to sell for much since the sale agreement requires that everything be removed from the property within 30 days.

According to coaster experts, that's not enough time to properly dismantle a roller coaster with the intention of relocating it for operation elsewhere. It's also estimated that it would cost more than a million dollars to move and reassemble the roller coaster at new site.

Meanwhile, Reynolds and Shutts haven't yet decided what they will do with the Zippin' Pippin. They figure they have a month to decide.