The iconic mansion will remain in the family, and Lisa Marie’s three daughters will inherit it following her tragic death last week.
“The property, which is in a trust, will benefit Lisa Marie’s three daughters, Riley, Harper, and Finley,” PEOPLE Magazine confirmed.
“According to the official website of Graceland, the estate was left to Lisa Marie in trust when she was only nine years old, and the trust officially dissolved upon her 25th birthday in 1993, giving her full ownership of the home.”
“She then formed The Elvis Presley Trust to manage the property alongside her mother, Priscilla Presley, and the National Bank of Commerce.”
Graceland, the Memphis, Tenn., mansion, was passed down to Elvis’s only child, Lisa Marie, after his death in 1977. The King of Rock and Roll died in the same house at the age of 42 due to cardiac arrest.
Just like her father, Lisa also died of cardiac arrest at the age of 54.
Earlier on Thursday, the singer and songwriter collapsed at her Calabasas home, and TMZ reported that she had suffered a ‘full cardiac arrest.’
A few sources told the outlet that paramedics arrived at her place after the Lights Out singer collapsed at her residence and performed CPR on her.
The medical team regained a pulse and immediately transferred her to the nearby hospital via ambulance.
“EMTs responded to a call reporting a possible cardiac arrest at Presley’s home in Calabasas, Calif., and upon arrival, paramedics performed CPR on the 54-year-old and administered epinephrine,” Page Six wrote.
Lisa Marie’s death was confirmed by her mother, Priscilla Presley.
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us,” the 77-year-old actress told the Associated Press.
“She was the most passionate, strong, and loving woman I have ever known.
The singer has suffered various health issues in the past few years, and in one of her public appearances, she even admitted that she was ‘grateful’ for being alive.
According to The Mirror, The mom-of-four had a drug addiction problem in the past which she reportedly developed after the birth of her twin daughters, Harper and Finley, in 2008.
“Her addiction came despite losing her father after he developed a ‘dangerous dependence on prescription drugs’, and her ex-husband Michael Jackson after he too had a complication with drug use.”
The Storm and Grace singer married four men in her life and shared children with two. She had two kids with her first husband, Danny Keough – daughter, Riley, 33 and son, Benjamin, who died of suicide in 2020. He was 27 years old.
Lisa also had two kids with her fourth husband, Michael Lockwood, whom she married in 2006. The couple welcomed twin daughters in 2008 named Harper and Finley Lockwood.
They are both 14 as of now.
According to Rolling Stone, Elvis bought Graceland in 1957 for $100,000. In 2020, the property’s worth was reported to be around $500 million.
“Its income is still impressive: “Forty million a year for a guy who died over 40 years ago is fucking incredible,” says an executive who works with a leading classic-rock act,” the outlet wrote.
On Friday, January 13, it was confirmed that Elvis’s only child, Lisa Marie, will “be laid to rest at Graceland’s Meditation Garden next to her son Benjamin.”
“Lisa Marie’s final resting place will be at Graceland, next to her beloved son Ben,” her eldest daughter, Riley’s representative, told PEOPLE.
Let us know your thoughts on this update in the comment section.
Sources: PEOPLE – Rolling Stone – The Mirror – Page Six – TMZ
