(HITC) - Elvis left his iconic mansion, Graceland, to the Presley family when he passed away, so what is its net worth now and who exactly owns it?
Lisa Marie Presley was rushed to hospital on Thursday (January 12, 2023) after suffering from a cardiac arrest, reports BBC. Her mother, Priscilla, confirmed her death in a “devastating” statement reading:
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us. She was the most passionate, strong, and loving woman I have ever known.”
She was 54 years old.
Five years after Elvis’ death in 1977, his home was opened to the public to continue his legacy. It remains a major attraction for global music fans, so who owns it now?
Graceland is worth at least $10 million, though the entire Elvis Presley estate is valued at between $400 million – $600 million, as per The Rolling Stone.
Meanwhile, Elvis’ net worth at the time of his death was about $5 million, reports Celebrity Net Worth, which equals $20 million in 2023.
He purchased his famous home for $102,500 in 1957. His will left Graceland to father, Vernon, his grandmother, Minnie Mae, and Lisa Marie.
Priscilla opened Graceland for tours in June 1982 to massive demand, which led to the Graceland Plaza attraction, which is owned and operated by Elvis Presley Enterprises (EPE). Lisa Marie owned and was chairman of the enterprise’s board until February 2005 when she sold a major interest in the company.
Vernon and Minnie died in 1979 and 1980, respectively, leaving 12-year-old Lisa Marie as the sole heir to the Elvis estate and Memphis home.
She inherited the trust in 1993 upon her 25th birthday and retained 100 per cent sole personal ownership of the property and its over 13-acre grounds, as well as Elvis’ personal property, including costumes, awards, cars, and more.
As an ’employee’ of Graceland, Lisa Marie earned $4361 per month from its tourism, Yahoo reported on court documents obtained by The Blast.
By Yasmine Leung
January 13, 2022
