Lisa Marie Presley sells Elvis' estate
Lisa Marie Presley sells Elvis' estate. She'll keep Graceland and her father's belongings, but the business will go to new managers
Lisa Marie Presley is keeping the Jungle Room and her daddy’s Caddiess. Other than that, however, she’s selling off the bulk of her father’s estate, including his business interests, in a deal valued at $100 million. The buyer is Robert F.X. Sillerman, who built the SFX radio and concert promotion empire in the 1980s and sold it to Clear Channel in the 1990s for $4.4 billion.
Elvis’ daughter will keep Graceland and the surrounding property, as well as Elvis’ cars and other personal effects. The other 85 percent of Elvis Presley Enterprises, which administers the King’s recordings, song publishing, and merchandising, will go to Sillerman and his partners, in return for $53 million in cash, $22 million in stock in Sillerman’s new company, and the assumption of $25 million in debt.
Elvis ranks at the top of Forbes’ list of dead celebrity moneymakers, but both his daughter and Sillerman think he can do better. ”My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities,” she said in a statement. For his part, Sillerman told the New York Times that there are markets that have been underexploited, including even Las Vegas. Or, as he put it, ”There are jurisdictions that have been under-Elvised.”