The main problem is your declaration:
char *empty_list[26];
defines an array of 26 pointers to characters. In your current code you assign each element in the array the address of the variable letter. Since that is out of scope when you print it is luck that it prints out the last one, it could equally have printed out garbage or crashed if the code between was complex. It could also have printed out additional garbage after the letter with what you already have since there is no way of knowing whether there is a string terminating character (\0) after the letter. In your existing code printf("%s", *empty_list); prints the first pointer from the array as a null terminated string, which if you ignore the loss of scope and assume the memory contents are still around, will be the last value from the loop since all pointers in your array point to the memory that letter was stored at and that memory has the last value from the loop.
If your intention was to create an array with the letters then it should be:
char empty_list[27];
It needs to be 27 as you need to leave space for the string terminating character at the end. One way to fill that in would be to use:
empty_list[26] = '\0';
after the end of your for loop and before you print the contents of the array (do not include the asterisk here - because it is an array the compiler will automatically take the address of the first element):
printf("%s", empty_list);
As brothir mentioned in the comments when you assign the value of the letter to the element in the array it should be without the ampersand:
empty_list[i] = letter;
&letter. Change it to justletter, as well as making empty list justchar empty_list[26]' . What you're doing with&letter` and an array of pointers is to make each array entry contain the address of the variableletter, and since that is continuously updated it will only contain the last change made to it, which is the last letter.'A'rather than65in the calculation. It makes it more obvious what your intention is.