Lisa Marie Presley held sole control over her late father Elvis Presley’s beloved home-turned-museum, Graceland, via a trust established in 1993. After Lisa Marie’s 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 were originally reported to split the inheritance of Graceland via the aforementioned trust. Lisa Marie had daughter Riley Keough, 33, from her first marriage to musician Danny Keough, and twins Harper and Finley Lockwood, 14, from her second marriage to Michael Lockwood.
After Lisa Marie’s trust was established in 1993, the musician amended the will in 2016, replacing mother Priscilla Presley and business manager Barry Siegel with Riley and son Benjamin Keough as cotrustees. Benjamin died in 2020 at just 27 years old, leaving Riley as the soul trustee.
Just two weeks after her daughter’s death, Priscilla filed a legal motion challenging the will’s validity, specifically citing the 2016 amendment as reason for her doubt. Arguing that she was never informed about being ousted as a cotrustee, Elvis’ ex-wife claimed in the January 26, 2023, legal filing that the misspelling of her name in the 2016 adjustment and an “inconsistent” signature by Lisa Marie are grounds to contest its validity. Friends of Lisa Marie’s have since criticized Priscilla for launching the legal battle, with an anonymous source telling NBC News that it’s nothing more than a “money grab.”
“Lisa’s intent was very clear for her children to inherit her trust,” the source detailed on January 30, 2023. “Lisa really didn’t feel that Priscilla was doing anything in her best interest. … She had no relationship with Priscilla.”
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, 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.
Lisa Marie Presley Was Buried at Graceland
The “Over Me” singer was laid to rest at Graceland alongside her family members, including her father. In addition to Elvis and his parents, Lisa Marie’s only son, Benjamin, is buried at Graceland. Ben took his own life in July 2020, and Lisa Marie was buried next to him in the meditation garden. A public memorial service took place on the front lawn of Graceland at 9:00 a.m. on Sunday, January 22, 2023, in Lisa Marie’s memory.
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