The death of Elvis Presley's only daughter, Lisa Marie Presley, in January this year sparked a new battle in the long-running family feud over king of rock fortune.
Elvis' fortune is valued at more than $100 million a year from a variety of licensing sources, including clothing and toy manufacturing and visits to Graceland.
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After Lisa Marie's death, her mother, Priscilla Presley, went to court to question the validity of the documents that indicated that his granddaughter, actress Riley Keough, would be the sole administrator of the fortune left by Elvis.
The sale of 85% of Elvis Presley Enterprises in 2005 also left the family short of cash, which makes the battle even more fierce.
Elvis Presley's Fortune
When Elvis Presley died in 1977, his fortune was estimated at around five million dollars. However, his expenses were greater than his income, which was still limited due to an agreement with his former manager, Tom Parker.
This arrangement saw Tom Parker receive half of Elvis Presley's income. So much so that Tom received almost half of the 5.4 million dollars paid by RCA Records when Elvis gave up the copyright to his recordings.
The remainder of Elvis' money went into a trust that had Lisa Marie, his daughter, as the sole beneficiary after several members of the Presley family died. And Priscilla Presley, who was divorced from Elvis about four years before his death, became the trustee of that trust.
Priscilla Presley's idea to open Graceland to the public in 1982 was a success, and in 1989, the Los Angeles Times estimated that the value of the property exceeded 75 million dollars, and that Elvis Presley Enterprises had gross revenues of 15 million dollars per year.
The end of the money raised from the sale of Elvis Presley Enterprises
In 2005, Lisa Marie along with her business manager sold 85% of Elvis Presley Enterprises. Which raised $97 million, stock and debt relief.
However, the most curious thing is that all that money raised from the sale of Elvis Presley Enterprises is almost over.
But already in 2022, Lisa Marie had an income of 1.25 million dollars from a trust that is still worth tens of millions of dollars.
Now, after her death, the beneficiaries of that money are her daughter and Riley's two half-sisters.
Conclusion
The family fight over Elvis Presley's fortune is a story that has been going on for 46 years, since the King of Rock's death in 1977.
With the death of Lisa Marie Presley in January of this year, the dispute for the fortune of 10 digits won new chapters, and the administration of the estate became a point of contention between members of the family.
Meanwhile, the Elvis Presley brand continues to generate millions of dollars annually, leaving open the possibility of new episodes in the family fight for the King of Rock's fortune.