The Pyramid Arena (initially known as the Great American Pyramid) was originally built as a 20,142-seat arena located in downtown Memphis on the banks of the Mississippi River. The facility was built in 1991 and was originally owned and operated jointly by the city of Memphis and Shelby County; Shelby County sold its share to Memphis in April 2009. Its unique structure plays on the city's namesake in Egypt, known for its ancient pyramids. It is 321 feet (98m, about 32 stories) tall and has base sides of 591 ft. A statue of Ramesses the Great stands in front of the pyramid. In 2011, this statue was sold to the University of Memphis for the cost of $1.