© Libertyland Elvis's Favorite Coaster: The Zippin Pippin, originally named the Pippin, had operated at Libertyland since 1923 before being closed in 2005.

This agreement secures the future of the Zippin Pippin, which has been heavily debated by many enthusiasts and government officials since the coaster closed along with Libertyland amusement park in late 2005. As part of the contract, the Ericson Group, run by Greg Ericson, has received permission to relocate the Zippin Pippin and have it renovated to reopen as part of Ericson’s $250 million plan for The Pyramid, Mud Island, and other new attractions surrounding the Memphis riverfront area.

The Ericson Group had been known for the proposition of the project once entitled the Pyramid Adventure but recently renamed the Pyramid Harbor. It’s proposed that the 85-year old wooden roller coaster would be part of an amusement park built on Mud Island, which could eventually be renamed Harbor Island.

Mulroy, who’s also a local commissioner, estimates that it will cost approximately $1 million to move the Zippin Pippin and the renovation would cost another $65,000. Ericson has also confirmed that The Pyramid development will also feature a new steel coaster, which will cost approximately $25 million.

This agreement is just the latest attempt by the Save Libertyland! organization to have the Zippin Pippin relocated. The coaster was originally sold at an auction the to Carolina Crossings, which planned to use it as a centerpiece for their amusement park. However, after a legal dispute the Zippin Pippin's ownership right were then handed over to the city and the coaster was never relocated.

Ericson is scheduled to present the Pyramid Harbor proposal to members of the Memphis City Council January 22nd. In December, he presented the same plan to County Commission members. He is also hoping that they will soon reach agreement with the city to have the Grand Carousel at Libertyland join the Zippin Pippin and become part of Mud Island.