Graceland, the iconic sprawling estate that once belonged to Elvis Presley, will go to Lisa Marie Presley’s three daughters.
Lisa Marie, the only child of the rock and roll legend and Priscilla Presley, died Thursday after she went into cardiac arrest in her California home. She was 54.
The Memphis, Tenn., mansion, which was passed down to the crooner’s daughter following his death in 1977, will benefit Lisa Marie’s daughters Riley, 33, and 14-year-old twins Harper and Finley, a representative for Graceland confirmed to People on Monday.
Lisa Marie shared Riley and her late son Benjamin, who died by suicide in 2020, with Danny Keough. She was married to Keough from 1988 to 1994.
The late singer shared her twins with ex-husband Michael Lockwood. The pair were married for a decade after tying the knot in 2006.
After the “Blue Suede Shoes” singer’s death in 1977, the estate was left to Lisa Marie as part of her eye-watering inheritance. She received her inheritance in a trust on her 25th birthday, effectively becoming the sole owner of Graceland.
In addition to the property, Lisa Marie received $100 million. But due to mismanagement and unfortunate investments, the late singer said almost all of the money soon disappeared.
To ensure the same didn’t happen to Graceland, Lisa Marie formed a new trust, dubbed The Elvis Presley Trust, along with her 77-year-old mother, Priscilla. The trust was also formed with the help of the National Bank of Commerce.
In a bid to amp up revenue, Graceland, which was purchased for $100,000 in 1957 by Elvis, opened its doors to paying visitors and even offered tours as well as overnight stays.
The lavish estate is now worth an estimated $500 million, per Rolling Stone.
Speaking in 2013, Lisa Marie said she will see to it that the property “will never be sold.”
“Graceland was given to me and will always be mine,” she told USA Today at the time. And then passed to my children.”
It comes as the Presley family announced that a public memorial for Lisa Marie will be held at the property on January 22.
Reps previously told Page Six that Lisa Marie will be laid to rest there with her father and late son, Benjamin.