A representative for Graceland, which Elvis bought in 1957, told PEOPLE that the property, which is in trust, will benefit Lisa Marie’s three daughters.
Upon Elvis’s death on August 16, 1977, she was only nine years old, so the executor of the estate became her grandfather Vernon Presley. Upon her death in 1979, it passed to her mother Priscilla Presley, now 77, who realized something had to be done or they would be forced to sell Graceland.
So, in 1982, the mansion was opened to the public for guided tours. Ownership of the property remained in a trust that was dissolved on Lisa Marie’s 25th birthday in 1993, when she took full possession of her family’s home.
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