Lisa Marie Presley had unlimited oversight of Graceland, her late dad Elvis Presley’s darling home-turned-historical center, because of a trust laid out in 1993. Find out what will happen to Lisa Marie’s well-known estate in Memphis, Tennessee when she passes away on January 12, 2023, at the age of 54. After Lisa, who will take over Graceland? The trust was used, according to reports, to divide Graceland’s inheritance among Lisa Marie’s three daughters. Riley Keough, 33, and Harper and Finley Lockwood, both 14, from Lisa Marie’s first marriage to singer Danny Keough, were brought into the world by her second marriage to Michael Lockwood.
In 1993, Lisa Marie’s trust was established. In 2016, the musician made a change to the will, adding Riley and her son Benjamin Keough as cotrustees instead of her mother Priscilla Presley and business manager Barry Siegel. Benjamin passed away in 2020 at the age of 27, and Riley was appointed sole trustee.
Priscilla filed a judicial complaint disputing the legality of the will just two weeks after her daughter’s death, citing the 2016 change as the reason for her skepticism. On January 26, 2023, Elvis’ ex-wife claimed in a legal filing that she was never told she had been removed as a cotrustee. She also said that Lisa Marie’s “inconsistent” signature and the 2016 adjustment’s misspelling of her name are reasons to call it illegal.
One source told NBC News that the legal dispute is all about “money.” Since then, Lisa Marie’s friends have criticized Priscilla for starting it. On January 30, 2023, an insider stated that Lisa “truly did not believe that Priscilla was acting in her best interests” and “Lisa’s intent was quite clear for her children to inherit her trust.” How was Graceland given to Lisa Marie Presley?
The late “Lord of Rock and Roll” and his main spouse, Priscilla Presley, had one youngster, Lisa Marie. After his death in August 1977, Elvis’ will only named Vernon, his grandmother Minnie, and his nine-year-old daughter as beneficiaries. Vernon and Minnie had passed away by 1980, making Lisa Marie the sole heir to Elvis’ fortune. Graceland’s $100 million fortune and the “Hound Dog” singer were put into a trust that lasted until Graceland turned 25 on February 1, 1993. She was given full and complete ownership of the house at the time. According to the Graceland website, the trust was automatically dissolved on Lisa Marie’s birthday. She created a new trust, The Elvis Presley Trust, with Priscilla and the National Bank of Commerce continuing to serve as cotrustees in order to effectively manage the estate.
Even though Graceland was secure, poor investments made by Lisa Marie’s former business manager Barry led to the tragic loss of the majority of Elvis’ wealth. The estate had to pay nearly $500,000 in taxes and upkeep each year after Elvis died. Priscilla, his savvy ex-wife, wisely turned the house into a museum to preserve it. Graceland receives over 600,000 visitors annually, making it the second-most popular residence in the United States after the White House. It officially opened for tours on June 7, 1982.
Graceland is where Lisa Marie Presley was laid to rest. At Graceland, the singer of “Over Me” was buried alongside her father and other members of her family. At Graceland, Benjamin, Lisa Marie’s lone child, is buried alongside Elvis and his parents. Ben took his own life in July 2020. He was buried in the meditation garden with Lisa Marie. On January 22, 2023, at 9:00 a.m., a public memorial service for Lisa Marie was held on Graceland’s front lawn.
