I know this is a bit off topic, but I thought this article ( about the breaking up of Debbie Reynolds Hollywood collection) gave a bit of insight as to how difficult it can be to get a memorabilia collection 'up and going'....It really needs a huge amount of money...and even then things can go wrong... I really hope that the family / estate can set something up, but I can see why they would need a good solid business plan and plenty of finance.
http://www.knoxnews.com/news/2010/sep/09/091010reynolds/
This time, no one swooped in to save the damsel in distress.
The family of actress Debbie Reynolds said Thursday that the valuable Hollywood memorabilia collection she has amassed will be sold at auction, likely ending the prospect that some of the most famous relics of the silver screen will be on public display in Pigeon Forge.
Todd Fisher, president of the Hollywood Motion Picture and Television Museum and the actress' son, said his mother's heart is broken about the project, which he described as the latest in a long line of disappointments. He said the chart-topping singer and Hollywood star of such movies as 'Singin' in the Rain' and 'The Unsinkable Molly Brown' was brought to tears following the auction decision.
'Most people collect for themselves … but she collected for the public,' he said. 'She collected for all of us. She collected for the American people to preserve the history of their industry.'
The museum was supposed to be the centerpiece of Belle Island Village, an attraction located between the Parkway and Teaster Lane that also was to include a NASCAR-themed attraction called the Darrell Waltrip Racing Experience. Much of the construction for Belle Island was completed — including the steamboat-shaped shell of the Hollywood museum — but a firm behind the project filed for bankruptcy last year and Belle Island was subsequently taken over by lenders at a pair of foreclosure auctions.
The museum was originally to be a tenant in the steamboat-shaped building that was owned by the development firm. The museum entity also filed for bankruptcy protection in June 2009, and a document filed in that case said Regions Bank had agreed to sell part of the Belle Island project -- including the museum building -- to Tennessee Investment Partners LLC. According to the document, TIP was negotiating with the museum on a deal that would include an up-front payment to the museum, a payment large enough for the museum to pay a specific claim in its bankruptcy case.
Last month, though, the state rejected a tax-exempt bond allocation for the deal, and Fisher indicated Thursday that Belle Island Village developer Glen Bilbo and his associates were unable to line up the cash the museum needed to pay its creditor. Instead, Fisher said renowned international auction house Christie's will conduct a sale of the memorabilia collection by June, allowing the museum to make a $5 million payment.
In a bankruptcy filing last year, Hollywood Motion Picture and Television Museum listed total liabilities of $7.2 million and assets of $10.8 million. The bulk of its assets, though, were bound up in the memorabilia collection which, according to the filing, was valued at $10.79 million and was subject to a security interest by the creditor.
Fisher said he previously had received a $30 million offer to sell the collection to a company out of India, and said the family still has the option to step up with the money if it wants to keep the items. But, he added, 'why would we do that … when there really doesn't seem to be a home for the collection, or a use for the collection?'
The trove of memorabilia includes more than 3,000 costumes and tens of thousands of artifacts, including the dress and red slippers worn by Judy Garland in 'The Wizard of Oz,' the fur coat worn by Orson Welles in 'Citizen Kane' and Marilyn Monroe's 'subway dress' from 'The Seven-Year Itch.'
Reynolds announced in March 2004 the relocation of her museum, which she estimated in value at more than $50 million, to Pigeon Forge from sites in Las Vegas and Hollywood.
The decision to auction the Hollywood memorabilia is a blow to Sevier County's tourism industry, although the future of Belle Island has seemed shaky for months. Last week, local commercial real estate firm NAI Knoxville listed a 15.5-acre portion of the site — including the museum building — for $20 million.
Bilbo could not be reached for comment, but the developer said last week that his group was looking at alternative ways to finance Belle Island.