Elvis lives on in his daughter.
On August 16, 1977, after Elvis Presley's death, his will stated that Vernon Presley, his father, was the trustee and executor of his personal and business affairs that weren't associated with his career. His other beneficiaries included Minnie Mae Presley, his grandmother and his daughter, Lisa Marie Presley. It also stated that Vernon could provide the other family members some funding if he found it needed. It was totally up to his discretion.
Vernon died in 1969 and Minnie Mae died the year after. Therefore, Elvis's only child Lisa Marie was the lone heir to the entire Elvis Enterprise. Elvis's will also stated that Lisa Marie's inheritance would be held until her twenty-fifth birthday which was February 1, 1993.
Vernon's successors were Joseph Hanks (Elvis's accountant), Priscilla Beaulieu Presley (Elvis's ex-wife and Lisa's legal guardian) and the National Bank of Commerce in Memphis. When Lisa turned 25, the trust dissolved and she was allowed to the Elvis Presley Trust which continues to manage the estate successfully. The National Bank and Priscilla both remain as co-trustees.
Lisa takes after her father
After five years, Lisa's role grew. She also became more involved in the management of the Elvis Presley trust and Elvis Presley Enterprises, Inc. or EPE. This is the business entity of the entire Elvis Presley trust. She was the Chairman of the Board till February of 2005. She sold the major interest of the company.
Had it not been for Elvis experiencing cash flow problems before his untimely death, Graceland could have been one of the greatest fortunes throughout entertainment history. The estate wasn't broke but there was a problem in the cash flow. Maintaining Graceland and its taxes cost over half a million dollars. It was only practical that Priscilla and the other executors have Graceland open for public viewing. On June 7, 1982, the palace of The King opened for public tours.
EPE had gotten hold of the shopping center across from the mansion. After Elvis's death, the former suburban strip and shopping center turned into Elvis souvenir shops that sold items which weren't licensed by the Estate. By getting management of the property, EPE overhauled it and turned it to the Graceland plaza.
Tourist site
Graceland opens its doors for over 600,000 tourists every year. It is also one of the most visited homes in America. Graceland was among the National Register of Historic Places in 1991.
The sole princess, Lisa Marie continues to retain absolute sole ownership of the mansion and its 13-acre grounds. She made the mansion and her father's property permanently available for tours. The money is used to fund all operations of the Elvis Presley Enterprise.
