Priscilla Presley was “gutted” when her late daughter, Lisa Marie Presley, experienced a “personal and financial” crisis that led her to make a life-changing decision.
In her new memoir, “Softly, As I Leave You: Life After Elvis,” Priscilla, 80, recalled the moment Lisa Marie sold 85% of her inheritance, which included Graceland.
Lisa Marie, the only child of late music legend Elvis Presley, had come into her inheritance in 1993. By 2005, Priscilla writes in her book that her daughter was “broke,” according to People.
Priscilla was not confident Lisa Marie had been receiving “good financial advice,” but she found addressing the issue with her to be “very, very delicate.”
In August 2005, Lisa Marie sold almost her entire inheritance, including her father’s Memphis, Tenn., estate, which he bought in 1957 and lived in until his August 1977 death at the age of 42.
Lisa Marie retained the house, the grounds and the King of Rock ‘n’ Roll’s personal effects but relinquished control of “Elvis’ legacy,” which “devastated” her mother, who deemed it a “bad financial decision” since Graceland and Elvis Presley Enterprises would create a stream of income.
In addition to reeling over the monetary blow, Priscilla was also “heartbroken” to lose what she considered her “emotional home” because she had spent so much time creating Graceland’s legacy and turning it into something her ex-husband would be proud of.
The matriarch writes about opening up an annex on the property and working with Lisa Marie to curate an exhibit of Elvis’ personal items for the public to come and see.
After Lisa Marie died in January 2023 at the age of 54, her ownership of Graceland was passed down in a living trust to her daughters: Riley Keough, 36, and twins Harper and Finley Lockwood, 16.
Elvis and many of his family members, including Lisa Marie and her son, Benjamin Keough — who died in July 2020 at the age of 27 — are all buried at Graceland.
Elvis and Priscilla were married from 1967 to 1963. She went on to welcome son Navarone Garibaldi, 38, with ex-boyfriend Marco Garibaldi.
As for Lisa Marie, she was married to Danny Keough from 1988 to 1994, Michael Jackson from 1994 to 1996, Nicolas Cage from 2002 to 2004 and Michael Lockwood from 2006 to 2021.
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