November 20, 1955

On this day in 1955, The music equivalent to the Babe Ruth trade, Sun Records owner Sam Phillips sold Elvis Presley’s contract to RCA for $35,000 US. It wasn’t all bad for Phillips: Presley had just one year left on his contract, and Phillips invested the money in a local hotel chain called the Holiday Inn, which made him a bigger fortune than anything he did in music.

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