According to a trust set up in 1993, Lisa Marie Presley held complete control over Graceland, the beloved home-turned-museum of her late father Elvis Presley. After Lisa Marie, 54, passes away on January 12, 2023, find out what will happen to the iconic Memphis, Tennessee estate.

Who Will Own Graceland After Me?

The aforementioned trust is said to have been used to divide the Graceland fortune among Lisa Marie’s three daughters. Harper and Finley Lockwood, twins who are all 14 years old, and Riley Keough, a 33-year-old child from her first marriage to singer Danny Keough, were born to Lisa Marie during her second marriage to Michael Lockwood.

After establishing Lisa Marie’s trust in 1993, the musician updated the will in 2016 to add Riley and her son Benjamin Keough as cotrustees in place of mother Priscilla Presley and business manager Barry Siegel. Riley was chosen to serve as the only trustee following Benjamin, who went away in 2020 at the young age of 27.

Approximately two weeks after her daughter passed away, Priscilla filed a legal challenge questioning the will’s legality, citing the 2016 amendment as the basis for her skepticism. Elvis’ ex-wife asserted that Lisa Marie’s “inconsistent” signature and the 2016 adjustment’s misspelling of her name pose legal difficulties in a legal suit dated January 26, 2023. She insisted that Lisa Marie never informed her that her role as a cotrustee had been terminated. Since then, Lisa Marie’s friends have been upset with Priscilla for starting the legal dispute; according to one source who spoke to NBC News, it was just a “money grab.”

On January 30, 2023, the insider stated, “Lisa’s aim was very evident for her children to inherit her trust. Lisa “truly didn’t feel that Priscilla was operating in her best interest” because she didn’t know Priscilla.

Lisa Marie Presley’s journey to Graceland

The late “King of Rock and Roll” and his sole spouse, Priscilla Presley, had one child together, Lisa Marie. Upon his death in August 1977, just three people were named as beneficiaries in Elvis’ will: his father Vernon, his grandmother Minnie, and his daughter, who was nine years old at the time. Vernon and Minnie had both passed away by the year 1980, leaving Lisa Marie as the sole heir to Elvis’ fortune. Until she reached 25 on February 1st, 1993, the singer of “Hound Dog” and Graceland put their $100 million inheritance into a trust. She then assumed sole legal possession of the house.

According to the Graceland website, the trust was automatically dissolved on Lisa Marie’s birthday. She subsequently decided to create a new trust, The Elvis Presley Trust, with Priscilla and the National Bank of Commerce continuing to act as cotrustees to successfully handle the estate. Graceland was preserved, but due to Barry, her previous business manager, making poor investments, Lisa Marie regrettably lost a large portion of Elvis Presley’s wealth.

Once Elvis passed away, the estate needed to pay roughly $500,000 in taxes and maintenance each year. His cunning ex-wife Priscilla made the decision to keep the mansion alive by converting it into a museum. Graceland is the second-most visited residence in the nation behind the White House, with more than 600,000 visitors each year. On June 7, 1982, the location formally started giving tours.

Graceland is where Lisa Marie Presley was buried

The “Over Me” singer was interred in Graceland next to her father and other family members. Benjamin, Lisa Marie’s only child, is buried in Graceland beside Elvis and his parents. Ben committed suicide in July 2020. At the meditation garden, he was laid to rest next to Lisa Marie. On January 22, 2023, at 9:00 a.m., a memorial service was held for Lisa Marie on Graceland’s front lawn.