Lisa Marie Presley‘s untimely death at the age of 54 called the future of her childhood home, Elvis Presley‘s Graceland, into question. Lisa Marie inherited the property in her mid-20s. However, less than one week after her passing, a family spokesperson revealed who will now run the Presley ancestral home moving forward.
Lisa Marie Presley inherited Graceland in 1993
When Lisa Marie Presley turned 25, she inherited her father’s 13.8-acre estate. According to the Los Angeles Times, Lisa Marie became the property’s sole owner in 1993. She founded a trust in his honor to maintain the estate.
However, in 2004, Lisa Marie 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. Lastly, Lisa Marie Presley retained 15% ownership in Elvis Presley Enterprises.
The Los Angeles Times reported The agreement paid her $53 million in cash and absolved her of $25 million in debts owed by the estate. Lisa Marie also kept shares in the new company, expected to be worth more than $20 million in 2004.
In 2013, Authentic Brands took control of the company. In response, Lisa Marie released a statement reasserting her house ownership.
“The licensing and merchandising aspect of this business is not to be confused with the fact that the property will always remain with my family and me. However, this is a great partnership for our family and Elvis fans worldwide,” she said.
Who will own Graceland now? A spokesperson says its someone in the Presley clan
Per an article published by The New York Times, Graceland will remain in the family’s possession. However, Authentic Brands and Joel Weinshanker manage the estate through Elvis Presley Enterprises.
“Elvis lived in many places, but Graceland was always his home, and Lisa felt the same way,” Joel said. “At times of difficulty, she slept in his bedroom. Twenty-five million people have visited Graceland, but it was always only home to one person, and that was Lisa.”
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Elvis Presley Enterprises confirmed to the newspaper that Lisa’s daughters, Riley, Harper, and Finley, would inherit the mansion and its grounds. Members of Lisa’s clan are buried in the Meditation Garden.
The Presleys interred there are Elvis’ mother and father, Gladys and Vernon, his grandmother Minnie Mae, and Lisa Marie’s son, Benjamin, who died in 2020. Lisa’s remains will be interred alongside her son, reported The Associated Press.
“The home itself, the mansion, owned by Lisa. Even though we have a deal where we manage it and take care of it, that will stay with the trust,” Joel revealed. “But that trust will pass to Riley, Finley, and Harper. And Harper and Finley are minors, so at the end of the day, the trust will be run by Riley.”
Who is Lisa Marie Presley’s daughter, Riley Keough?
Riley, 33, is Lisa Marie’s daughter of her first marriage to her husband, musician Danny Keough. She started her career as a model and segued into films, appearing in The Girlfriend Experience, The Runaways, and the television series, The Terminal List, to name a new of her projects.
However, Lisa Marie pushed her daughter to find her own career path. She was able to carve this out primarily by not using the Presley name as a calling card.
“I didn’t want her to have that shadow where she felt competition and intimidated by anything,” Lisa Marie said, per People. ‘I wanted (my children) to be able to do what they wanted.”
Riley’s brother, Benjamin, died of a self-inflicted gunshot wound, reported TMZ in 2020. She shared a photograph of herself and Ben, snapped during her 2015 wedding to stuntman Ben Smith-Petersen. This photo honored his passing on the second anniversary of Benjamin’s death. Per Vogue, Riley and her husband met while filming Mad Max: Fury Road.
