Graceland, Elvis Presley’s mansion and tourist destination, is going to the rock icon’s granddaughters following the death of his daughter, Lisa Marie Presley, at age 54.
A representative from Graceland confirmed to People that the property is in a trust that will benefit Lisa Marie’s daughters – 33-year-old Riley Keough, 14-year-old Harper Lockwood and 14-year-old Finley Lockwood.
Lisa Marie’s mother, Priscilla Presley, told People in a statement last Thursday that her daughter died after being rushed to the hospital from her home in Calabasas, Calif. Reports cite the case of death as cardiac arrest.
According to the Graceland website, Graceland was built in 1939 and was originally part of a 500-acre farm that was owned by the S.E. Toof family and had been named after a member of the family, Grace. Elvis purchased the home and grounds for around $100,000 in 1957, when he was 22.
After Elvis died at the Memphis, Tenn., mansion in 1977 when he was 42 years old, there were cash flow issues related to his estate and the property upkeep costs. Executors of the estate decided to open Graceland to the public. It opened for tours in summer 1982.
“Since opening to the public in 1982, Graceland has hosted more than 20 million visitors from every state in the union and nearly every country of the world,” said the Graceland website. “Prior to Graceland's opening, there was minimal tourism trade in Memphis. Graceland quickly became the cornerstone of the industry for the city and the region.”
By that time, Elvis’ other beneficiaries – including his father, Vernon Presley – had died. Lisa Marie’s inheritance was held in trust until she turned 25 in 1993.
Lisa Marie formed a new trust, The Elvis Presley Trust, to continue managing the estate along with Priscilla and the National Bank of Commerce continuing as co-trustees. Priscilla, who divorced Elvis in 1973, decided to close her involvement in 1998.
“Lisa Marie Presley became more closely involved with the management team of The Elvis Presley Trust and its business entity, Elvis Presley Enterprises, Inc. (EPE), of which she was owner and Chairman of the Board until February 2005 when she sold a major interest in the company,” said Graceland.
Over the years, the Graceland estate has grown to include museums, and a AAA Four Diamond resort hotel with restaurants and a 464-seat theater. As of 2023, it includes: 120 acres dedicated to the life and career of Elvis, his gold records, jeweled jumpsuits, classic cars and more.
Each year, around 500,000 visitors come to Graceland, making it one of the five most visited home tours in the U.S. It was placed on the National Register of Historic Places in 1991 and designated as a National Historic Landmark in 2006.
“EPE manages the operations of Graceland, its related properties, including AAA Four-Diamond The Guest House at Graceland, as well as the Graceland Archives, featuring thousands of artifacts from Elvis’ home and career,” per the estate website. “EPE also produces and licenses Elvis-themed live events, tours and attractions worldwide. Graceland Holdings LLC, led by managing partner Joel Weinshanker, is the majority owner of EPE.”
Lisa Marie retained a 15% ownership in the company as well as 100% sole personal ownership of Graceland Mansion, the 13-acre original grounds and her father’s personal effects such as costumes and awards.
“She has made the mansion property and her father’s personal effects permanently available for tours of Graceland and for use in all of EPE’s operations,” per Graceland.
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us,” Priscilla said. “She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment.”
Lisa Marie had her youngest twin daughters Harper and Finley with Michael Lockwood who she split from in 2016. Their divorce was finalized last year. She had oldest daughter, Riley, with husband Danny Keough. She also had a son, Benjamin, with Keough. Benjamin died by suicide at age 27 in 2020.
In an op-ed published in People, Lisa Marie described Benjamin as “the sweetest and most incredible being that I have ever had the privilege of knowing,” and said he reminded her of Elvis.
Graceland announced that a memorial service for Lisa Marie will be held there this Sunday.
“On Friday, it was confirmed that she would be laid to rest at Graceland’s Meditation Garden next to her son,” said a statement from her daughter Riley Keough’s rep to PEOPLE. The garden is also the final resting place of Elvis, Elvis’ mother Gladys Presley, Elvis’ father Vernon Presley and Elvis’ grandmother Minnie Mae Presley.
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