Lisa Marie Presley held sole control over her late father Elvis Presley’s beloved home-turned-museum, Graceland, via a trust. After her January 12, 2023, death at the age of 54, find out what will happen to the iconic Memphis, Tennessee estate.
Who Will Inherit Graceland?
Lisa Marie’s three daughters will split the inheritance of Graceland via a trust. That includes Riley Keough, 33, Lisa Marie’s daughter from her first marriage to musician Danny Keough, and twins Harper and Finley Lockwood, 14, from the singer’s second marriage to Michael Lockwood.
How Did Lisa Marie Presley Inherit Graceland?
Lisa Marie was the only child of the late “King of Rock and Roll” and his only wife, Priscilla Presley. Upon Elvis’ death in August 1977, the only beneficiaries in his will were his father Vernon, grandmother Minnie and his then-9-year-old daughter. By 1980, Vernon and Minnie had both died, making Lisa Marie the sole heir to Elvis’ estate. Graceland and the “Hound Dog” singer’s $100 million fortune were placed into a trust that lasted until she turned 25 on February 1, 1993. At that time, she was given sole and full ownership of the home.
According to Graceland’s website, the trust automatically dissolved on Lisa Marie’s birthday, and she chose to form a new trust, The Elvis Presley Trust, to successfully manage the estate, with Priscilla and the National Bank of Commerce continuing to serve as cotrustees. Sadly, Lisa Marie lost the majority of Elvis’ monetary fortune through bad investments involving her former business manager Barry Siegel, though Graceland remained safe.
How Is Graceland Maintained?
The estate cost over half a million dollars a year in maintenance and taxes after Elvis died, and his savvy ex-wife Priscilla decided to open the home to the public as a museum in order to keep it afloat. Graceland officially opened for tours on June 7, 1982, and is the second most visited home in the United States behind the White House, attracting more than 600,000 visitors annually.
Will Lisa Marie Presley Be Buried at Graceland?
The “Over Me” singer will be laid to rest at Graceland along with her family members, including her father. In addition to Elvis and his parents, Lisa Marie’s only son, Benjamin Keough, is buried at Graceland. Ben took his own life in July 2020, and Lisa Marie will be buried next to him, her daughter Riley confirmed to multiple outlets on January 13. A public memorial service will take place on the front lawn of Graceland at 9:00 a.m. on Sunday, January 22, 2023, in Lisa Marie’s memory.