Through a trust set up in 1993, Lisa Marie Presley had complete authority over Graceland, the beloved home-turned-museum of her late father Elvis Presley. Find out what will happen to the renowned Memphis, Tennessee estate following Lisa Marie’s passing on January 12, 2023, at the age of 54.
Who Will Own Graceland After Me?
The aforementioned trust was reportedly used to divide Graceland’s inheritance among Lisa Marie’s three daughters. Lisa Marie had twins Harper and Finley Lockwood, all 14, from her second marriage to Michael Lockwood, and Riley Keough, 33, from her first marriage to singer Danny Keough.
After establishing Lisa Marie’s trust in 1993, the musician updated the will in 2016 to add Riley and her son Benjamin Keough as cotrustees, taking the place of mother Priscilla Presley and business manager Barry Siegel. Riley was named the sole trustee after Benjamin, who passed away in 2020 at the age of just 27.
Priscilla filed a judicial complaint disputing the will’s legality just two weeks after her daughter passed away, citing the 2016 change as the reason for her skepticism. Elvis’ ex-wife argued in January 26, 2023, legal filing 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 question its legality. Since then, Lisa Marie’s friends have blasted Priscilla for starting the legal dispute, with one source telling NBC News that it’s just a “money grab.”
On January 30, 2023, the insider stated, “Lisa’s intent was quite clear for her children to inherit her trust.” Lisa had no relationship with Priscilla and “truly didn’t believe that Priscilla was doing anything in her best interest.”
How Was Graceland Passed Down to Lisa Marie Presley?
The late “King of Rock and Roll” and his sole spouse, Priscilla Presley, had just one kid, Lisa Marie. Only his father Vernon, grandmother Minnie, and his daughter, who was nine years old at the time, were named as beneficiaries in Elvis’ will after his passing in August 1977. Vernon and Minnie had both passed away by the year 1980, leaving Lisa Marie as the only heir to Elvis’ fortune. The $100 million fortune belonging to the singer of “Hound Dog” and Graceland were put into a trust that persisted until she was 25 on February 1st, 1993. She received sole and complete ownership of the house at that time.
According to the Graceland website, the trust automatically dissolved on Lisa Marie’s birthday. She then made the decision to create a new trust, The Elvis Presley Trust, with Priscilla and the National Bank of Commerce continuing to act as cotrustees, in order to successfully manage the estate. Although Graceland was protected, Lisa Marie tragically lost the majority of Elvis’ financial riches due to poor investments involving her old business manager Barry.
After Elvis passed away, the estate required almost half a million dollars in annual maintenance and taxes. His astute ex-wife Priscilla made the wise decision to turn the house into a museum in order to maintain it. With more than 600,000 annual visitors, Graceland is the second-most visited home in the United States behind the White House. It officially opened for tours on June 7, 1982.
At Graceland, Lisa Marie Presley was buried
The “Over Me” singer was buried in Graceland beside her father and other family members. Benjamin, Lisa Marie’s only son, is buried at Graceland together with Elvis and his parents. In July 2020, Ben committed suicide. Lisa Marie was laid to rest next to him in the meditation garden. On January 22, 2023, at 9:00 a.m., Graceland’s front lawn hosted a public memorial service in Lisa Marie’s honor.
