Lisa Marie Presley used a trust to protect the famed Graceland estate in Memphis, Tennessee, which was the home of the King of Rock and Roll, Elvis Presley, after his death in 1993.
This fantastic estate will be passed down to Lisa Marie’s three daughters on January 12, 2023, when she will be 54 years old.
Riley Keough, Lisa Marie’s eldest child from her former marriage to singer Danny Keough, is 33 years old. Lisa Marie’s 14-year-old twins, Harper and Finley Lockwood, were born during her second marriage to Michael Lockwood.
The tremendous process of dividing Elvis’ wealth among all three of his grandchildren is being handled via a trust established nearly three decades ago.
This trust has been protecting Graceland for a long time and ensures that each of the girls gets their fair share when their mother dies.
Lisa Marie has worked hard to keep Graceland open as a tourist attraction where people can get a taste of what it must have been like to live in one of America’s most famous musical homes. She has also divided ownership of the house among her children.
The walls are covered with images and memorabilia from Elvis’ career, and many of his items are still in the same condition as when he lived there.
It is no surprise that when Lisa Marie dies, her kids will inherit this extraordinary treasure filled with personal artifacts from their grandfather and the exclusive possession of one of American music’s most iconic residences – Graceland Mansion.
Lisa Marie established a trust in 1993, modified in 2016 to include both her son Benjamin Keough and daughter Riley as cotrustees, replacing her mother Priscilla Presley and her business manager Barry Siegel.
On January 26, 2023, Priscilla Presley filed a court challenge, saying that the 2016 change to the will made her doubt the will’s validity.
She said she was unaware she had been removed as a cotrustee and that Lisa Marie’s signature was “inconsistent.” Her name was misspelled on the adjustment paperwork, two facts she believes invalidate it.
In 1994, Lisa Marie Presley bought Graceland from her father, Elvis Presley. Lisa Marie’s mother, Priscilla Presley, has recently started a court case about the trust that holds the money set aside for Lisa Marie and her kids.
Many close to Lisa Marie have questioned Priscilla’s actions, claiming she is driven by money. On January 30, 2023, an insider source stated that Lisa Marie had planned for the trust to be passed to her children, and she did not believe her mother acted in her best interests.
Graceland is a massive property in Memphis, Tennessee. Elvis Presley once owned that. Elvis’s house and other buildings that have something to do with him, like his meditation gardens, are on the grounds of Graceland.
It is estimated that the estate has taken in $150 million in revenue since opening its doors to tourists in 1982, thanks partly to its Elvis museum and numerous tourist attractions like excursions and live music concerts.
As a result, it’s not surprising that Priscilla is interested in gaining control of this significant asset while recounting how Lisa Marie came to hold Graceland.
When Elvis died at 42, he left behind substantial wealth. Still, he ensured that his daughter would always be financially cared for by leaving almost all of his assets to be deposited into the trust upon Lisa Marie’s 18th birthday.
The plan was to buy Graceland when she turned 18 and take over property management when her father died.
Elvis’s things, like jewelry and clothes, were also in the trust. They were kept safe until his will was read many years later when they were given to his family members.
Almost 30 years after her father died and left her Graceland, Lisa Marie is in a legal battle over the trust. Her mother is in charge and is going against what her daughter wants.
No one close to either party can deny what they believe is behind it all – money. She is fighting against the idea that Lisa Marie’s children, with her ex-husband Michael Jackson, are the only ones who should get these assets.
Elvis Presley, the King of Rock & Roll, died in August 1977. When he died, he left behind his music and a large amount of money. On the other hand, we still don’t know why Priscilla thinks she should have some control over them.
Elvis will state that the only beneficiaries of this legacy were his father, Vernon, grandmother, Minnie, and daughter, Lisa Marie. Following Vernon and Minnie’s deaths, Lisa Marie became the only heir to her father’s wealth.
Lisa Marie gained full ownership of Graceland House on her 25th birthday, February 1, 1993, as specified by her father’s trust
Lisa Marie hoped to use this measure to successfully manage the financial payouts from her father’s inheritance.
Elvis’ estate is estimated to be worth over $100 million today, and it includes various profitable economic enterprises like themed restaurants, hotels, and tours affiliated with Graceland Mansion.
Aside from these commercial endeavors, a percentage of Elvis’ money is donated to various humanitarian initiatives to preserve his legacy for future generations.
Graceland, Elvis Presley’s home, has been preserved for more than four decades since his death in 1977. It is a reminder of how talented he was as a musician and how hard it was for him to make money after that.
Following Elvis’ death, an estimated $500,000 was necessary to maintain and pay taxes on the estate yearly. To guarantee that this historic property was recovered to time, his ex-wife Priscilla turned it into a museum, which opened for visitation on June 7, 1982.
Graceland is now the second-most visited residence in America, behind the White House, with an estimated 600,000 visitors yearly.
It gives visitors an insight into Elvis’ life and works through its many exhibitions and gives them a one-of-a-kind opportunity to experience the majesty of Graceland firsthand.
Every year, an increasing number of guests from all over the world participate in this vital ritual and help keep the legacy of one of music’s most significant symbols alive.
Lisa Marie Presley was honored with a touching farewell at Graceland on January 22, 2023. Her ultimate resting place is the Meditation Garden, which also holds the grave of her loving son Benjamin.
Lisa Marie and Ben have joined their father, Elvis, in the family cemetery at Graceland, a fitting monument to Elvis’ legacy of music and flair.
The public memorial service was an emotional occasion in which Lisa Marie’s life and work were honored. Close friends and family gathered on Graceland’s immaculately groomed lawns for the mournful experience, with many sharing memories of Lisa Marie.
The ceremony featured moving performances by her fellow musicians, some of whom sang songs written for or about her.
Lisa Marie will be remembered as an outstanding artist and performer in her own right and a dedicated mother and wife.
Throughout her career, she recorded several albums that displayed her deep voice and captivating stage presence.
Despite the tragedy that would take her life, she lived it to the fullest till the last, affecting the lives of those around her with kindness, grace, and humor.
Lisa Marie Presley made an everlasting impression on this planet with all she provided us during her lifetime, for all those who knew her personally or adored her from afar.
As we say our final farewells to this great woman and remember all she accomplished, may she rest in peace alongside Elvis and Benjamin at Graceland for all time.