Elvis Presley Estate
After Elvis' death at Graceland on 16 August 1977, his will appointed his father, Vernon Presley, executor and trustee. His fortune had dwindled to only $5 million. The beneficiaries of the trust were Vernon, Elvis' grandmother Minnie Mae Presley, and his nine-year-old daughter Lisa Marie Presley, whose inheritance was to be held in trust until her twenty-fifth birthday. After Vernon's death in 1979, Elvis' ex-wife Priscilla Presley was named as one of three trustees in his will; the others being the National Bank of Commerce in Memphis, and Joseph Hanks, who had been Elvis and Vernon's accountant. With Minnie Mae's passing in 1980, Lisa Marie became the only surviving beneficiary named in Elvis's will.
On her 25th birthday in 1993, Lisa Marie inherited Elvis' estate, which, thanks largely to the stewardship of her mother, Priscilla, had grown to an estimated $100 million.
In 1998, Lisa became more closely involved with the management team of The Elvis Presley Trust and its business entity, Elvis Presley Enterprises, Inc.(EPE). She was owner and Chairman of the Board until February 2005, when she sold 85 percent of the estate's business holdings to CKX, Inc., excluding Graceland itself and the property within it.
Lisa Marie Presley continues to be involved, as does her mother Priscilla. Lisa Marie Presley retains 100% sole personal ownership of Graceland Mansion itself and its over 13-acre original grounds and her father's personal effects – meaning costumes, wardrobe, awards, furniture, cars, etc. She has made the mansion property and her father's personal effects permanently available for tours of Graceland and for use in all of EPE's operations.
Read more about this topic: Lisa Marie Presley
Famous quotes containing the words elvis, presley and/or estate:
“Commercial to the core, Elvis was the kind of singer dear to the heart of the music business. For him to sing a song was to sell a song. His G clef was a dollar sign.”
—Albert Goldman (b. 1927)
“I wish not to be given a title or an appointed position. I can and will do more good if I were made a Federal Agent at Large, and I will help best by doing it my way through my communications with people of all ages. First and Foremost I am an entertainer but all I need is the Federal Credentials.”
—Elvis Presley (1935–1977)
“I ‘gin to be aweary of the sun,
And wish th’ estate o’ the world were now undone.”
—William Shakespeare (1564–1616)