Lisa Marie Presley had complete control of Graceland, her late father Elvis Presley’s beloved home-turned-museum, thanks to a trust established in 1993. Discover what will happen to Lisa Marie’s renowned Memphis, Tennessee estate after her death on January 12, 2023, at 54.
Who Will Take Over Graceland After Lisa?
According to reports, the trust was used to divide Graceland’s inheritance among Lisa Marie’s three daughters. Lisa Marie’s second marriage to Michael Lockwood brought twins Harper and Finley Lockwood, both 14, and Riley Keough, 33, from her first marriage to singer Danny Keough.
Lisa Marie’s trust was established in 1993. The musician updated the will in 2016 to add Riley and her son Benjamin Keough as cotrustees, replacing her mother, Priscilla Presley, and business manager Barry Siegel. Riley was named sole trustee after Benjamin, who died at 27 in 2020.
Just two weeks after her daughter died, Priscilla filed a judicial complaint disputing the will’s legality, citing the 2016 change as the reason for her skepticism.
Elvis’ ex-wife claimed in a legal filing on January 26, 2023, that she was never informed that she had been removed as a cotrustee and that Lisa Marie’s “inconsistent” signature and the 2016 adjustment’s misspelling of her name are reasons to call the 2016 adjustment illegal.
Since then, Lisa Marie’s friends have slammed Priscilla for starting the legal squabble, with one source telling NBC News that it’s all about “money.”
The insider stated on January 30, 2023, “Lisa’s intent was quite clear for her children to inherit her trust” and “truly did not believe that Priscilla was acting in her best interests.”
How Did Lisa Marie Presley Receive Graceland?
The late “King of Rock and Roll” and his only wife, Priscilla Presley, had one child, Lisa Marie. Only his father, Vernon, grandmother Minnie, and his nine-year-old daughter were named as beneficiaries in Elvis’ will after his death in August 1977.
By 1980, Vernon and Minnie had died, leaving Lisa Marie as the sole heir to Elvis’ fortune. The singer of “Hound Dog” and Graceland’s $100 million fortune were placed in a trust that lasted until she was 25 on February 1st, 1993. At the time, she received sole and complete ownership of the house.
The trust was automatically dissolved on Lisa Marie’s birthday, according to the Graceland website. To successfully manage the estate, she established a new trust, The Elvis Presley Trust, with Priscilla and the National Bank of Commerce continuing to act as cotrustees.
Even though Graceland was safe, Lisa Marie tragically lost most of Elvis’ financial fortune due to poor investments involving her old business manager Barry.
After Elvis died, the estate required nearly $500,000 in annual maintenance and taxes. To preserve the house, his astute ex-wife Priscilla made the wise decision to turn it into a museum.
Graceland is the second-most visited home in the United States, after the White House, with over 600,000 annual visitors. On June 7, 1982, it officially opened for tours.
Lisa Marie Presley was laid to rest at Graceland.
The “Over Me” singer was laid to rest alongside her father and other family members at Graceland. Benjamin, Lisa Marie’s only son, is buried alongside Elvis and his parents at Graceland.
Ben committed suicide in July 2020. Lisa Marie was buried alongside him in the meditation garden. Graceland’s front lawn hosted a public memorial service in Lisa Marie’s honor on January 22, 2023, at 9:00 a.m.