Sunday, January 15, 2023
Elvis Presley earns more in death than many people will ever see in a lifetime, collecting everything from his music catalog to his likeness. The death of Lisa Marie Presley, his only child, could mean changes in the estate.
The property trust for his iconic Memphis, Tennessee mansion, Graceland, will now go to Lisa Marie’s children. Representatives said that nothing will change the operations. Presley is survived by her three daughters, Riley Keough and Harper, and Finley Lockwood. Graceland is also home to Elvis’ costumes, cars, awards, and other personal possessions.
When a single asset owner deceases and their assets go to multiple people there can be complications. Each new beneficiary may have different desires and needs, including opting to sell their assets and cash out instead. The deciding factor could ultimately be how closely Elvis’ descendants want to keep control of his legacy — or at least, in Graceland, its physical manifestation.
For more information see , “Lisa Marie Presley leaves behind a lucrative Graceland — and a complicated financial legacy”, The Los Angeles Times, January 14, 2023.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
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