Lisa Marie Presley has had exclusive control of Graceland, her late father Elvis Presley’s beloved house and museum since the trust was established in 1993.
Learn what will happen to this famed Memphis, Tennessee property after Lisa Marie died on January 12th, 2023, at 54.
Who Will Replace Lisa at Graceland?
According to what has been published, the trust was established to distribute Graceland’s legacy among Lisa Marie’s three daughters. Her second marriage to Michael Lockwood brought two 14-year-old twins, Harper and Finley Lockwood, while her first marriage to musician Danny Keough had Riley Keough, 33.
With each of the three girls poised to inherit the estate following their mother’s death, they’ll probably manage Graceland’s preservation and upkeep for many years to come, ensuring that Elvis’ memory goes on via his home forever.
Lisa Marie changed her trust, established in 1993, in 2016, and replaced the co-trustees – her mother, Priscilla Presley, and business manager Barry Siegel – with her son Benjamin Keough and Riley.
Riley became the sole trustee of the trust after Benjamin died in 2020. On the other hand, Priscilla was not pleased with the change and filed a judicial lawsuit questioning its legitimacy on January 26th, 2023, due to various faults she discovered with the 2016 adjustment.
She claimed, in particular, that it contained inaccuracies, such as an inaccurate spelling of her name, and that she was not told that she was no longer a co-trustee. She further claimed that the signature on the document was inconsistent.
When Lisa Marie Presley’s will was filed in Probate Court, her friends were surprised and horrified that her mother had decided to start a legal struggle over it.
According to one person close to the performer, the dispute is most likely motivated by money rather than any other reasons mentioned. Lisa Marie reportedly wanted her children to take over her trust fund because she thought Priscilla was not making decisions in her best interests.
This appeals to the question of how Lisa Marie Presley obtained Graceland, formerly held by her famed father, Elvis Presley. Following the death of The King in 1977, ownership of Graceland went from his estate to his daughter, who became the official owner.
She subsequently undertook substantial repairs, converting the home into a museum available to the public and a private estate for herself and her family.
In 2015, she signed a long-term lease with Authentic Brands Group to ensure that Graceland is correctly maintained as an iconic attraction for fans worldwide.
Elvis Presley, the famous “King of Rock and Roll,” died in August 1977, leaving considerable wealth behind. Following the designation of his father, Vernon, grandmother Minnie, and nine-year-old daughter Lisa Marie as beneficiaries of his will, it was found that Lisa Marie should become the only successor to her father’s riches.
As a result, a trust was formed, with Priscilla and the National Bank of Commerce serving as co-trustees, to ensure that the estate was appropriately managed until she turned 25 on February 1st, 1993. At this time, she formally acquired full possession of Graceland and all related assets, including an estimated $100 million fortune.
Lisa Marie established The Elvis Presley Trust alongside Priscilla and the National Bank of Commerce as co-trustees to ensure that these great riches were well cared for once the trust was dissolved on her birthday. With this new arrangement, she could ensure that her late father’s legacy would be passed down to future generations.
Graceland, the former home of music superstar Elvis Presley, was a haven for the King of Rock and Roll. Still, his daughter, Lisa Marie Presley, could not keep the estate viable after her father died due to a series of unwise investments she made with her then-business manager Barry.
Following Elvis’ death, the estate required almost half a million dollars each year in taxes and upkeep expenses—a sum Lisa Marie could not have afforded on her own.
Fortunately for King fans and family members alike, ex-wife Priscilla had the foresight to transform the house into a museum. This was a great idea because it allowed visitors worldwide to pay their respects to the King of Rock and Roll.
Graceland is now one of the most visited private residences in the United States, second only to the White House.
It opened its doors for visitors on June 7th, 1982, and has remained popular ever since; it is believed that over 600,000 people visit Graceland each year! It is still one of the most well-preserved entertainer mansions and an iconic location in American culture.
On January 22nd, 2023, the world gathered at Graceland to remember Lisa Marie Presley in a public memorial service. Her ultimate resting place was at her father’s famed mansion, where she was buried beside Elvis and her son, Benjamin.
Benjamin, unfortunately, died in July of 2020 and is buried among his mother and other family members in the meditation garden.
The funeral began at 9:00 a.m., with many of Lisa Marie’s friends and family paying tribute to her memory by sharing stories about her life and career.
People from all walks of life came out to honor their friend’s life and pay their respects to a beloved performer who left an extraordinary legacy.
Graceland had given the ideal setting for the event, with its quiet grounds and peaceful ambiance, which were appropriate for such a solemn occasion.
Those in attendance reflected on Lisa Marie’s remarkable achievements and how her music influenced many lives.
There were also uplifting moments when guests remembered some of Lisa Marie’s amusing anecdotes about her time with family and friends, which helped to lighten the mood despite the tragic circumstances.
Lisa Marie was eventually carried away, but not before everyone at her memorial service said their final goodbyes.
As they said their goodbyes, they all agreed to remember this lovely woman whose influence was felt worldwide. She will always be in their thoughts and prayers at Graceland.