The 54-year-old singer died last week after suffering a cardiac arrest. Presley's three daughters, Riley, Harper and Finley, will inherit the Tennessee estate, according to a representative.
Lisa Marie became the the sole owner of the mansion when the trust holding her inheritance dissolved on her 25th birthday in 1993. Graceland has become a popular tourist attraction over the years, with public tours on offer as well as sprawling museum exhibits.
But in 2004, she agreed to sell off 85% of Elvis Presley Enterprises' assets, including Elvis' likeness rights, for around $100 million to music entrepreneur Robert F.X. Sillerman and his company CKX Inc. Lisa Marie Presley retained 15% ownership in Elvis Presley Enterprises.
After the death of Elvis Presley's daughter Lisa Marie on January 12, 2023, it was reported that her three daughters, Riley, Harper and Finley will inherit the Tennesse estate. The 54-year-old tragically suffered a cardiac arrest at her home in Calabasas, California.
The iconic Memphis home of Elvis Presley, which had been willed to his daughter Lisa Marie Presley — who died Jan. 12 at the age of 54 — will now go to Presley's three surviving children: elder daughter Riley Keough, 33, and twins Harper and Finley Lockwood, 14. Lisa Marie Presley's son, Benjamin Keough, died in 2020.
At just nine years old, Priscilla Presley became one of three heirs to her father's estate when Elvis Presley passed away in 1977. Three years later, after the passing of her grandfather, Vernon, and great-grandmother, Minnie, she became the sole heir.
The sudden death of Lisa Marie Presley means that her three daughters will become the new owners of their grandfather's historic estate, Graceland. It is one of the few things their mother controlled at the time of her death, despite becoming the sole owner of Elvis Presley's estate at the age of 25.
According to Forbes, Elvis Presley's estate makes him one of the wealthiest dead celebrities today. The publication estimates that the Presley estate earned $23 million in 2020 alone. A majority of this money comes in through Graceland, which earns around $10 million annually during a typical year.
Lisa Marie Presley was the sole heir to the sprawling 13-acre estate following Elvis' death in 1977. Per People, the Memphis mansion will now go to her three daughters, including actor Riley Keough. "Graceland was given to me and will always be mine," she told USA Today. "It will never be sold."
Brown / Getty Images / AFP. Over the years, the trustees decided to open Graceland up to the public via a variety of tours and overnight stays. Elvis purchased the home in 1957 for $US100,000 ($A143,500). In 2020, Rolling Stone reported its estimated worth to be as much as $US500 million ($A718 million).
Prior to her death, she was worth $16 million.
After Lisa Marie's death in 2023, Graceland and her trust were inherited by her daughters, Keough and Harper and Finley Lockwood, a representative for Graceland confirmed to People. Lisa Marie shared Riley with her ex-husband, Danny Keough, whom she divorced in 1994.
My husband and I visited and toured the estate in 1983. It was a thrill of a lifetime. It was explained to our group that the reason the upstairs was off limits is that Elvis had an Aunt whom still lived on the upstairs floor.
Lisa Marie later was remarried to Michael Lockwood in 2006 and had 14-year-old twin girls, Harper and Finley, with Lockwood. Elvis Presley's 120-acre Graceland home was left to Lisa Marie following his death in 1977 along with a reported $100MM in a trust.
THE ESTATE OF ELVIS PRESLEY/THE ELVIS PRESLEY TRUST
The beneficiaries were Elvis' grandmother, Minnie Mae Presley; his father, Vernon Presley; and his only child, Lisa Marie Presley. The will provided that Vernon Presley could, at his discretion, provide funds to other family members as needed.
Priscilla does not currently live at Graceland, the mansion purchased by Elvis at the height of his career to live in with his family.
Long a tourism magnet for Memphis, Tennessee, Graceland has failed to see visitors return to pre-pandemic levels, and borrowers of bonds issued in 2017 to finance its redevelopment missed another scheduled debt payment, the latest in a string of missed obligations marking worsening financial straights for the ...
At the time of Elvis' death in 1977, his estate was worth about $5 million (roughly $25.4 million in today's dollars). Lisa Marie Presley inherited her father's estate when she turned 25 years old in 1993.
But the upstairs rooms at Graceland remain private. What many visitors don't know is that after visiting hours are over, the Presley abode is still a home. "It shuts down quite nice at night," explains Lisa Marie, who visits her hometown often. "I have family that I love very much who live there in Memphis," she says.
Today, the Presley estate is estimated to be worth between $400 million and $500 million, according to one Presley exec. That's less than the Beatles (whose song catalog is said to be worth more than $1 billion) and Queen (thanks to Bohemian Rhapsody, the surviving members top Presley at $575 million).
Priscilla hasn't commented following Monday's petition filing but did confirm her desire for a resting place at Graceland shortly after the settlement was reached.
After Elvis died in 1977 at Graceland, Priscilla helped establish Elvis Presley Enterprises (EPE), which launched Graceland into a top international tourist destination.
Priscilla and Elvis' Divorce Settlement
According to Celebrity Net Worth, when Priscilla and Elvis split in 1973, she got a one-time payment of $725,000. On top of that, Priscilla was granted spousal support, child support, 5 percent of Elvis' royalties, and half the money from the sale of their house.