How Much Did Lisa Marie Presley Inherit From Elvis?
As the only child of Elvis Presley, Lisa Marie Presley stood to inherit his estate upon his death in August 1977. However, she was just 9 when Elvis died, so it was held in trust for her until she turned 25. How much was the king of rock and roll’s estate worth when Lisa Marie inherited it?
Lisa Marie Presley was willed Elvis’ entire estate upon his death
Although Lisa Marie Presley inherited Elvis’ estate in 1977, she didn’t obtain complete control of it until she turned 25 in 1993. The total amount of his assets in 1977 was $5M.
After 21 years of steady work, Elvis had little to show for his dedication to making music, movies, and touring. His excessive spending kept him on the road up until his death to recoup the losses he was incurring.
When Elvis died, his father, Vernon Presley, took over as executor and trustee of the estate. He held the job for two years until he died in 1979.
Subsequently, Vernon named Priscilla Presley, Elvis’ first wife, and Lisa Marie’s mother, the National Bank of Commerce in Memphis, and Joseph Hanks to succeed him in his role. But There were no incoming royalties as Elvis and his manager, Colonel Tom Parker, had sold the rights to most of his early hits to RCA Records in 1973.
Therefore Graceland faced an uncertain financial future. In the late 1970s, the home cost $480,000 a year to maintain.
“The question I kept asking myself over and over was, ‘What are we ever going to do?'” Priscilla told the Los Angeles Times in 1989.
After the IRS imposed a $10 million inheritance tax on the estate in 1981, Priscilla used the last $500,000 of the estate’s liquid assets to turn Graceland into a tourist attraction in 1982, reported People Magazine.
Prisiclla’s decision to turn Graceland into the second most visited private home in the United States was lucrative. Between that income and the formation of Elvis Presley Enterprises, the family fortune rose to over $100M when Lisa Marie came into her inheritance.
Lisa Marie assumes control of Graceland
Upon Lisa Presley’s twenty-fifth birthday in 1993, the existing trust automatically dissolved. Subsequently, Lisa Marie formed The Elvis Presley Trust to continue to manage Graceland and Elvis Presley Enterprises.
She retained the National Bank of Commerce and her mother, Priscilla, as co-trustees underneath her, reported The Daily Mail. They continued to work together to maintain the mansion and develop the area around Graceland.
In 2003, Lisa Marie named Barry Siegel as her manager 2003. Two years later, Siegel reportedly sold off 85% of Lisa Marie’s share in EPE. Subsequently, she lost control of her father’s name and image rights.
Siegel defended the deal, claiming it the move cleared up over $20M in debt she incurred. Lisa Marie also fought her ex-husband Michael Lockwood in court for years. This ate into her finances as they hashed out a custody agreement for twins Harper and Finley Lockwood.
When Lisa Marie Presley died, her estate was worth only $5M more than her father’s in 1977. It was estimated to be valued at $10M.
Graceland keeps evolving 46 years after Elvis Presley’s death
10 years before Lisa Marie assumed control of Graceland, Elvis Presley Enterprises acquired a shopping center directly across the street from the stately home. After Elvis’ death, the mom-and-pop stores in the strip mall became souvenir shops dedicated to the king of rock and roll.
Buying the land allowed EPE to hold onto the property until all the leases of the previous tenants had expired. Then, they began renovations to Graceland Plaza. This area includes visitor parking, Elvis’ two commercial airplanes, a theater, restaurants, and many buildings that house memorabilia directly linked to the entertainer.
Next door to Elvis’ family home is The Guest House at Graceland. This Presley-family-affiliated hotel was built in 2016 and has 450 visitor rooms.
Graceland recently celebrated Elvis Week to coincide with the 46th anniversary of his death. Exhibits, panel discussions with those closest to the king of rock and roll, and a candlelight vigil topped off the week of festivities.
Lisa Marie Presley died at 54 in January 2023 and is buried in the Meditation Garden. Her daughter, Riley Keough, now controls the estate.
