Lisa Marie Presley had total control over Graceland, the cherished home-turned-museum of her late father Elvis Presley, thanks to a trust established in 1993. See what will happen to the renowned Memphis, Tennessee estate after 54-year-old Lisa Marie passes away on January 12, 2023.

After Me, Who Will Own Graceland?

According to reports, Lisa Marie’s three daughters’ inheritance from Graceland was distributed among them using the aforementioned trust. During her second marriage to Michael Lockwood, Lisa Marie had twins Harper and Finley Lockwood, both 14 years old, and Riley Keough, 33, from her first marriage to musician Danny Keough.

After establishing Lisa Marie’s trust in 1993, the musician revised the will in 2016 to replace mother Priscilla Presley and business manager Barry Siegel with Riley and her son Benjamin Keough as cotrustees. After Benjamin, who passed away in 2020 at the age of just 27, Riley was appointed as the sole trustee.

About two weeks after her daughter’s death, Priscilla challenged the validity of the will in court, claiming the 2016 modification as the cause of her doubt. In a legal petition dated January 26, 2023, Elvis’ ex-wife claimed that Lisa Marie’s “inconsistent” signature and the 2016 adjustment’s misspelling of her name raise legal concerns. She claimed that Lisa Marie never told her that she had been terminated as a cotrustee. Since that time, Lisa Marie’s pals have been furious with Priscilla for initiating the court battle, with one source telling NBC News that it was simply a “money grab.”

“Lisa’s intent was fairly obvious for her children to inherit her trust,” the insider said on January 30, 2023. As Lisa didn’t know Priscilla, she “really didn’t feel that Priscilla was acting in her best interest.”

How Did Lisa Marie Presley Get Graceland?
One child, Lisa Marie, was born to the late “King of Rock and Roll” and his only spouse, Priscilla Presley. Only three people were specified as beneficiaries in Elvis’ will following his passing in August 1977: his father Vernon, grandmother Minnie, and his daughter, who was nine years old at the time. By 1980, Vernon and Minnie had both passed away, leaving Lisa Marie as the only inheritor of Elvis’ wealth. The singer of “Hound Dog” and Graceland put their $100 million inheritance into a trust that lasted until she turned 25 on February 1st, 1993. At that point, she became the sole and legal owner of the home.

The trust was automatically dissolved on Lisa Marie’s birthday, according to the Graceland website. In order to successfully administer the estate, she then decided to establish a new trust, The Elvis Presley Trust, with Priscilla and the National Bank of Commerce continuing to serve as cotrustees. Graceland was safeguarded, but Lisa Marie sadly lost much of Elvis Presley’s wealth as a result of Barry, her former business manager, making bad investments.

The estate required about $500,000 in annual maintenance and taxes after Elvis went away. His shrewd ex-wife Priscilla decided to maintain the mansion by turning it into a museum. Behind the White House, Graceland receives more than 600,000 visitors annually, making it the second-most visited residence in the country. The venue began offering tours formally on June 7, 1982.

Lisa Marie Presley was interred at Graceland.
Next to her father and other family members, the “Over Me” singer was laid to rest in Graceland. The sole child of Lisa Marie, Benjamin, is interred in Graceland with Elvis and his parents. The suicide of Ben occurred in July 2020. He was buried next to Lisa Marie at the contemplation garden. Graceland’s front lawn had a public memorial service in Lisa Marie’s honor on January 22, 2023, at 9:00 a.m.